• Wed. Jun 12th, 2024

CAC Nnadi mni Advocates Collaborative Approach To Counter Currency Fluctuations In Trade

In a proactive move to address the repercussions of an unstable foreign exchange regime on trade, Comptroller Dera Nnadi mni, the Customs Area Controller of the Nigeria Customs Service, Tin-Can Island Port Command, emphasized the significance of responsible partnerships and collaborations. This key message was conveyed during a crucial working visit to the Customs Consultative Committee (CCC) on January 22, 2024.

During the visit, Aare Fwdr. Hakeem Olarenwaju, the Chairman of CCC, highlighted the profound impact of currency fluctuations on trade. He utilized the opportunity to enlighten Comptroller Nnadi on the intricacies of CCC operations, seeking broader strategic consultations to address operational bottlenecks in the ports.

Acknowledging the challenges, Olarenwaju pointed out conspicuous red tapes in the supply chain and recommended their eradication, emphasizing the need for a collaborative effort. Comptroller Dera Nnadi echoed the importance of responsible partnerships and collaborations, emphasizing that such alliances are incomplete without strategic mobilization and alliances.

Nnadi specifically called for CCC’s support in achieving the annual revenue target for TCIP Command, recognizing the committee’s contribution in 2023. He assured the committee of the Command’s commitment to implementing key resolutions from the recent stakeholders meeting, emphasizing trade compliance and facilitation.

Addressing concerns about alleged increases in surface payable Customs duty benchmarks, Nnadi clarified that the Service’s actions were tied to the reality of the foreign exchange rate regime. He asserted that as the exchange rate fluctuates, so would the payable Customs duty.

Looking ahead, the Comptroller outlined a system where compliance-driven traders would be rewarded with prompt service delivery, while those engaging in trade irregularities would face sanctions in line with the new Nigeria Customs Act 2023. This principle extends to officers, ensuring that deviations from duty would be met with appropriate punishment to ensure holistic and meaningful compliance.

In conclusion, CCC Chairman Olarenwaju reassured the committee’s cooperation and support in achieving set goals, particularly the Command’s revenue target. As a symbolic gesture, he presented the CCC handbook, solidifying the commitment to a collaborative and compliant trade environment. This visit highlighted the pressing need for partnerships and adherence to compliance measures as essential strategies for navigating the challenges posed by the current economic landscape.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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