Maritime stakeholders urge FG to arrest exchange rate volatility

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. At a stakeholders meeting held In Lagos yesterday, the body said this has become imperative to protect local businesses engaged in import and export. According to […]

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.

At a stakeholders meeting held In Lagos yesterday, the body said this has become imperative to protect local businesses engaged in import and export.

According to the body, made up of various stakeholders in the maritime sector including top customs officers,  Manufacturers Association of Nigeria (MAN), business owners and active players in the industry,  the new law has the potential of increasing Africa’s volume of trade which currently stood at 2 per cent globally.

CCC also resolved to partner with government through institutional support aimed at ensuring the workability of the policies enunciated in the new act.

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It said, good as the new law was, government at the center needs to ensure the implementation of the Act with the necessary political will it deserved.

According to the body, government needs to incentify good, corporate governance and absolute compliance to the laws governing the maritime sector, while not sparing infractions to serve as deterrent.

“It smacks of duplicity to encourage violators of laws in the maritime sector by not punishing infractions, while those who out of compliance with government policies continue to suffer huge loss,” the body said.