Customs blames CBN forex policy for decline in cargo volume

Association of Nigerian Licensed Customs Agents (ANLCA) has stated that the Central Bank of Nigeria’s (CBN) forex prohibition list and the crashing of the naira has been responsible for the decline in volume of cargoes at the nation’s ports.

Acting President ANLCA, Dr. Kayode Farinto, made the assertion in Lagos at the weekend, stating that the apex bank was encroaching on government’s fiscal policies, which led to the decline in the importation of cargoes to the country.

Emefiele and CBN forex policy

Farinto asserted that several factors including bureaucracy, inconsistent policies and continued depreciation of the naira hinder the importation of cargoes to Nigeria.

“We have over 48 items on the forex prohibition list and people are still going through the black market, bringing these items is a problem and even when issues of declaration are considered.

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“That is why I said there is a decline and not an increase. If it is not a decline, we can say that 40 per cent of the containers are made up of raw materials from multinationals and producing companies like the Nigerian Breweries Plc, Guinness Nigeria Plc and Unilever Plc, among others,” he stated.

He said to address the situation, the Federal Government needed to look into the country’s maritime policy to have a clear-cut way of harnessing the industry potential, which he insisted, has remained largely untapped.

“Before now, Nigeria had lost 45 per cent of its cargoes to Lome in Togo, because the country has a deep seaport, but with the coming of the Lekki Deep Sea Port, we will witness berthing of large vessels in Nigeria,” he said.

He urged the government to establish a ministry to monitor the Africa Continental Free Trade Agreement (AfCFTA) with a view to preventing Nigeria from being turned into a global dumping ground, stressing that having such a ministry to manage the pact would guarantee the nation’s readiness for e-commerce.

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