WAF Shipping Focus: Week 23
- Agwe Logistics Solutions
- Jun 7, 2024
- 3 min read
The Presidential Committee on Fiscal Policy and Tax Reforms has recommended that the Federal Government adopt an exchange rate of N800 per one US dollar for computing Customs import duty. This proposal was announced by the committee’s chairman, Taiwo Oyedele, during a press briefing in Lagos. Oyedele highlighted the challenges businesses face due to the volatility of the foreign exchange (FX) market, which causes frequent changes in the import duty rate. He emphasised the need for stability to allow businesses to plan adequately.
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The Comptroller General of Nigeria Customs Service, Bashir Adewale Adeniyi has reiterated the service commitment to grow the Nigerian economy through enhanced trade facilitation tools leveraging on platforms and policies like the
African Continental Free Trade Area(AfCFTA) and the US government backed African Growth Opportunity Act ( Speaking in Lagos at the Science of Trade
Conference organised by Ascend Studios Foundation in partnership with the US Consulate and other groups, Adeniyi who was represented by Comptroller Babatunde Olomu, Customs Area Controller for Apapa Port, said the NCS is
setting the process of perfecting trade procedures within the customs zone zone.
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Nigerian ship owners have highlighted reasons for the prolonged delay in the disbursement of the Cabotage Vessel Financing Fund (CVFF) to indigenous players. This is even as they remain optimistic and emphasised the importance of
continued engagement and cooperation with the government. The CVFF, which was conceived almost two decades ago to provide critical financial support to
indigenous shipowners for vessel acquisition, has been a central issue in the discourse surrounding Nigeria’s maritime industry.
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In a recent operation, a joint patrol team comprising the Nigerian Customs Service, Federal Operations Unit, Zone A, and soldiers intercepted a boat carrying smuggled goods, including rice and vehicles, in the Badagry area of Lagos State. However, the smugglers following the interception responded violently, attacking the customs and army personnel, resulting in injuries to some officers. This was
revealed in a statement by the Unit’s Public Relations Officer, Theophilus Duniya.
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After a comprehensive review and wide consultation with various stakeholders in the Nigerian maritime sector, the Nigerian Ports Authority, NPA, has come up with a new export policy for trucks carrying export cargoes by reducing their entry time into the port by 40 percent, from 72 hours to 48 hours. In a notice to stakeholders, the management of the NPA, through its technical partners and managers of the
Transit Truck Parks Limited, otherwise known as ‘ETO’ said that a new policy governing the time thresh old for export truck access to the port will now be within 48 hours.
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The country’s foreign exchange crisis, hike in freight rate, and economic downturn have led to a 70 per cent drop in activities at bonded terminals, the General Secretary of the Association of Bonded Terminal Operators of Nigeria, Haruna
Omolajomo has disclosed. Omolajomo, who spoke exclusively with The PUNCH in Lagos, said the freight rate had jumped from $1,500 to about $6,000. “Because of the forex crisis, importation and activities have dropped drastically. Even the freight rate has also increased. Before now, freight used to be $1,500 but it has gone up to about $6,000.
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