The Federal Government has called on importers to imbibe ethical practices in their operations in order to curb revenue leakages associated with Nigeria’s merchandize trade at the ports and borders and boost the nation’s economic growth and sustainable development.
The Permanent Secretary, Federal Ministry of Finance, Mr Raymond Omachi, gave the charge to the importers at a one-day sensitisation seminar organized for them with the theme ‘Ethics in Import Trade for Enhanced Revenue Generation’, held in Kano.
Omachi, who was represented by the ministry’s Deputy Director, Trade Relations Division, Hajia Rukaiyatu Ahmed, described merchandize trade as a major sector in the nation’s economy in terms of its supply of goods and services, job creation and facilitation of trade with other countries globally.
He, however, rued the unethical practices in the importation business such as under-declaration, smuggling and non-compliance with regulatory guidelines, which have continued to undermine fair competition and significantly reduce government revenue over the years.
Noting that such fraudulent practices deprive the country of revenues needed for infrastructure development, including roads, schools, hospitals and power supply, Omachi said the seminar was organised to provide a platform for dialogue, learning and promotion of best practices in the import business.
He urged the participants to ensure proper documentation, accurate valuation of goods and strict adherence to existing regulations to promote transparency and accountability in the sector, adding that ethical conduct will create a level playing field, attract investment and strengthen Nigeria’s credibility with international partners.
The Permanent Secretary assured the stakeholders that their inputs would be considered by the government in the formulation of policies aimed at enhancing compliance and supporting legitimate import business operations.
In his remarks at the forum, Director of Trade and Exchange at the Central Bank of Nigeria (CBN), Dr. Musa Nakorji, reaffirmed the apex bank’s commitment to supporting the ministry in the implementation of trade policies and import-related initiatives.
According to him, the CBN remains a strategic partner in trade policy formulation and implementation, assuring that issues raised and decisions taken at the forum will be forwarded to the management of the apex bank for necessary action.