FG Seeks Importers’ Support to Curb Revenue Leakage
The Federal Government (FG) has called on importers to embrace ethical practices to curb revenue leakages and boost national development.
The Permanent Secretary, Federal Ministry of Finance, Mr Raymond Omachi, made the call at a one-day sensitisation seminar for importers themed ‘Ethics in Import Trade for Enhanced Revenue Generation’, held in Kano.
Omachi, who was represented by the Deputy Director, Trade Relations Division, Hajia Rukaiyatu Ahmed, described the import trade sector as a critical driver of the nation’s economy through the provision of goods and services, job creation and facilitation of international trade.
He, however, decried unethical practices such as under-declaration, smuggling and non-compliance with regulatory guidelines, noting that they undermine fair competition and significantly reduce government revenue.
According to him, such practices deprive the nation of resources needed for infrastructure development, including roads, schools, hospitals and power supply.
The permanent secretary said the seminar was organised to provide a platform for dialogue, learning and promotion of best practices, not to apportion blame.
He urged importers to ensure proper documentation, accurate valuation of goods and strict adherence to existing regulations to promote transparency and accountability in the sector.
Omachi added that ethical conduct would create a level playing field, attract investment and strengthen Nigeria’s credibility with international partners.
He assured the stakeholders that their inputs would be considered in the formulation of policies aimed at enhancing compliance and supporting legitimate business operations.
In a remark, the Central Bank of Nigeria (CBN) reaffirmed its commitment to supporting the ministry in the implementation of trade policies and import-related initiatives.
Dr Musa Nakorji, Director of Trade and Exchange at the CBN, commended the ministry for organising the sensitisation programme, describing it as a vital platform for stakeholders in the import value chain.
He said the CBN remained a strategic partner in trade policy formulation and implementation, adding that issues raised at the forum would be forwarded to appropriate authorities for necessary action.
Nakorji reiterated the bank’s readiness to collaborate with relevant stakeholders to ensure the effective implementation of trade policies in the country.
Stakeholders, including the Nigerian Customs Service, NIPC, SON, CBN, NAFDAC, the Importers Association and the Nigeria Agricultural Quarantine Service (NAQS), among others, attended the event and presented papers. 400% Gain: Analysts View on Zichis Agro Allied Industries Momentum
