Nigeria: Customs agents blame CBN forex ban list for decline in cargo volumes in Nigerian ports

The Association of Nigerian Licensed Customs Agents (ANLCA), has stated that the Central Bank of Nigeria’s forex prohibition list and the crashing of the Naira is responsible for the declines in cargo volumes at  Nigerian ports.

The submission by the agents was conveyed by Dr Kayode Farinto, Acting President, Association of Nigerian Licensed Customs Agents (ANLCA) in a television programme monitored by the News Agency of Nigeria in Lagos.

He stated that the apex bank was encroaching on fiscal policy, a purvey of government, which led to the decline in the importation of cargo to Nigeria.

What the agents are saying 

Farinto asserted that several factors, including bureaucracy, inconsistent policies, and the continued decline of the naira, work against the import of goods into Nigeria.

• He said “The role of the Central Bank of Nigeria (CBN) too cannot be overlooked and this is because they are encroaching on fiscal policy which affects the importation of cargo.
• “We have over 48 items on forex prohibition list and these people are still going through black market, bringing these items is a problem and even when brought in, issues of declaration comes in.
• “That is why I say there is a decline and not increase. If it’s not a decline, I will say that 40% of the containers are raw materials from all these multinationals and producing companies like Nigerian Breweries.”

The ANLCA acting president said that to address this, government needed to look into the country’s maritime policy to have a clear-cut way of harnessing the industry, which was under-tapped.

He advised the government to establish a ministry to monitor the African Continental Free Trade Agreement (AfCFTA) in order to prevent Nigeria from turning into a garbage dump.

He asserts that having a ministry manage the pact will guarantee the nation’s readiness for commerce.

• “We are signatory to this convention and whether we like it or not, African countries need to bring their goods to our country and we cannot say no.
• “The UK has an anti-dumping policy in spite of the fact that they are a member of the European Union and they used it to reject items they don’t want in their country, so we too need to do things right.
• “AfCFTA is a lofty idea for African countries, a ministry to oversee issues in Nigeria will make us more prepared,” he said