Nigeria has poor trade policies, such that it is unfavourable to the country’s business environment. This is according to importers under the auspices of Shippers Association of Lagos (SAL).
While urging President Muhammadu Buhari to lift the restrictions on foreign exchange (Forex), the President of the association, Jonathan Nicole said there is a need for the Nigerian government to review its trade policies, as they are making doing business unbearable for people.
Nicole, therefore, solicited for a more conducive trade environment in the new year.
Advocating for a quick review of current forex policies, the SAL boss expressed opinion that the restrictions would be counter productive as a lot of industries would be grossly affected.
Noting that importers could hardly pay freight charges as the approved window was $5,000 limit for 30 days, Nicole said import trade would continue to suffer should the federal government not consider lifting the restrictions on forex.
“Freight above $5,000 will be held up until freight charges have been fully prepaid upfront. Goods will attract storage charges abroad for as long as the freight is pending and this type of restriction is counterproductive.
“However, it is encouraging that President Muhammadu Buhari promised to provide foreign exchange for industries and manufactures in 2022 because of the importance of local production of essential materials and for exports,” he said.
Nicole further highlighted the enormous challenges posed at importers by the Nigeria Customs Service (NCS), saying there is a need for the Nigeria Customs Service amendment of CEMA to meet with the current realities in the World Trade Agreements.
Maintaining that the country’s business environment should be free of threat to importers, the SAL President sought for peaceful co-existence in the maritime sectors, as he urged shipping lines and terminal operators to induce development of the maritime systems, and not just increasing costs as a major target.
“We expect reduction of cost of doing business in Nigeria and encourage entrepreneurship through direct investments from proceeds from our imports.
“The security of our waterways must be guaranteed. Fishing vessels should be protected to enable Nigerians supply fish into our various markets. This is local content. The Gulf of Guinea has to be protected from invading pirates. Nigeria waters should be safe enough for ourselves as stakeholders in Nigeria,” the statement further quoted Nicole as saying.
