Cross Border Trade Will Enhance Economic Growth – Customs
An Assistant Comptroller of the Nigeria Customs Service (NCS), Clement Amaweh, has stressed the importance of promoting Cross Border Trade (CBT) to enhance Nigeria’s economic growth.
Amaweh, the officer-in-charge of Ohumbe Outstation, Yewa North, made the statement while delivering a lecture during the Festival of Art for Economic Development held on Tuesday in Idiroko, Ogun.
The programme is themed “Cross Border Trade: Why it Matters”. Amaweh, a guest speaker at the event, explained that Nigerians needed to promote exports through CBT as a major source of foreign exchange (Forex) earnings.
He said this would help to control inflation and increase Foreign Direct Investment (FDI) as well as create employment for sustainable economic growth and development.
He observes that non-documentation of informal trade usually leads to revenue loss, and the absence of statistical data hinders forex earnings, distorting accurate trade records.
“The simplification and harmonisation of customs clearance procedure will encourage most cross-border traders to formalise trade activities through proper documentation and accurate declaration.
“Also, consistency in policy will significantly facilitate CBT and discourage smuggling,” he said.
Amaweh highlights the following as factors militating against CBT: difficulties in policies and porous borders, language and currency, among others.
Earlier, the Area Comptroller, Ogun 1 Area Command, Mr Mohammed Shuaibu, said in an increasingly interconnected world, CBT could be regarded as a bridge enhancing economic growth and promoting cultural exchange.
According to Shuaibu, partnership among nations enables businesses to reach broader markets, encourages innovation and enhances the availability of goods and services for consumers everywhere.
The programme organiser, Dr Bonny Abisogun, said the event was not only a celebration of art, but a reminder of the diverse cultural and economic landscapes for participants to navigate together.
Abisogun says CBT matters because it allows people to share their resources, ideas and innovations as well as strengthen their economies by creating jobs to enhance market access. #Cross Border Trade Will Enhance Economic Growth – Customs#
