The Speaker of the House of Representatives, Abbas Tajudeen, has raised alarm regarding reports that over 75% of Nigerian-bound imported goods are being offloaded in the Benin Republic.
The Speaker raised the alarm while addressing a delegation of the Presidential Enabling Business Environment Council (PEBEC) at his office on Wednesday, according to a statement by his media aide, Musa Abdullahi Krishi.
He called for reforms in the Nigerian economy to address bottlenecks in the import and export chain in the maritime sector.
“Speaker Abbas raised the alarm over reports that countries are avoiding shipment to Nigeria, noting that some reports indicate over 75 percent of imported goods offloaded in the Benin Republic are actually meant for Nigerian destinations,” the statement partly reads.
Import and Export Chain in Nigeria’s Maritime Sector
At the meeting with PEBEC, the Speaker decried that Nigeria is losing huge revenue to neighboring West African countries due to administrative issues at the borders.
- Speaker Abbas assured PEBEC that the House will attend to the reforms sought by the council, particularly the enforcement of the Financial Reporting Council of Nigeria (FRCN) Act and the fate of investors in the Free Trade Zones under the Tax Reform Bills.
“I feel really sad that we in Nigeria, in some areas, are doing things differently. Even from our neighbours here in West Africa, I hear complaints about customs bureaucracy and clearance. I hear about the shipping industry and ports regulatory authorities. All these are taking so long to provide, and the costs of even bringing in products to Nigeria-in some instances doubling what they collect (as duty) in our neighbouring countries.
“I think those are serious and major areas that your agency (PEBEC) needs to actually pay attention to. There is so much you can do by looking at our regulatory bodies, particularly those responsible for international business and trade, and see what you can do to make the Nigerian environment more competitive,” the Speaker said.
- The Speaker recalled his recent visit to Morocco, where officials of the North African country criticized the bureaucracy and delays in the import and export chain between Nigeria and Morocco.
- He stated that addressing the issues in the shipping system will be a win-win for the Nigerian government and foreign investors.
“We will take action immediately,” the Speaker assured PEBEC.
- Speaker Abbas stated further that reviews would be conducted to enable Nigeria to respect previous agreements signed with foreign investors in the Free Trade Zones.
- He disclosed that he receives complaints “every day from the private sector and foreign investors complaining of bottlenecks” in every facet of Nigeria’s economic life.
More Insights
- On her part, the Director-General of PEBEC, Princess Zara Mustapha Audu, presented a letter from the Office of the Vice-President to Speaker Abbas, seeking legislative intervention of the House regarding the Financial Reporting Council of Nigeria (FRCN).
- The official said there have been pushbacks in the economic environment over the implementation of the new FRCN Act, stressing the existence of a stand-off between the FRCN and operators in the private sector.
- She maintained that PEBEC supervises 69 MDAs with mandates relating to the Nigerian economy.