The Customs Consultative Committee (CCC) has urged the federal government to review the Nigerian Customs Law to cushion the effect of the naira exchange rate volatility against the dollar.
The body made up of various stakeholders in the maritime sector including top customs officers, the Manufacturers Association of Nigeria (MAN), business owners and active players in the industry said that the review of the law has become imperative to protect local businesses engaged in import and export.
In a statement following the stakeholders meeting the previous day in Lagos, the body also said that the new law has the potential to increase Africa’s volume of trade which currently stood at two percent globally.
CCC also resolved to partner with the government through institutional support aimed at ensuring the workability of the policies enunciated in the new act. It said, as good as the new law was, the government at the centre needed to ensure the implementation of the Act with the necessary political will it deserved.
The body, the government needs to incentivise good, corporate governance and absolute compliance with the laws governing the maritime sector, while not sparing infractions to serve as a deterrent.
“It smacks of duplicity to encourage violators of laws in the maritime sector by not punishing infractions, while those who are out of compliance with government policies continue to suffer huge losses,” the body said.