Worried by the persistent inflation stemming from federal government trade policies and tariffs at the seaports, experts have called for frequent reviews of the nation’s trade policies and tariff systems in line with the prevailing economic realities and global best practices.
This was one of the submissions made by Professor Bamidele Badejo at 19th edition of TransQuest Anniversary/ Transport Development Symposuim and Award, themed: “Harnessing Nigeria’s Trade Tariff systems for economic growth/ curbing the influx of fraudulent imports through the Nigerian ports” at Lagos Airport hotel, Ikeja Lagos, on Saturday.
He further explained the consequences of high tariff rate imposed at the ports, stating that if the charges are too high at the end of the day Nigerians pay more for imported goods and ultimately become poorer.
“The result of all these charges at Nigerian seaports is that the importer transfers the addition costs to the prices of goods imported.
“So, there is a huge conflict between economists and other disciplines at ports. Economists argue that tariffs when imposed creates market distortion that can actually harm domestic consumers overtime,” Badejo said.
He lamented that most of the fraudulent activities at the nation’s seaports result from the human contact with various government agencies and non-state actors at the port.
He recommended disciplinary measures especially in area of tax and custom duty avoidance or untrue declaration, adding that reviewing government policies from time to time would help curb or mitigate fraudulent imports at Nigerian ports.
The guest speaker, however, encouraged the agencies of government at seaports to complement each other through cooperation, collaboration and coordination, especially information sharing.
Meanwhile, the event also featured the presentation of awards to distinguished maritime personalities and other notable persons and agencie like, National Drug Law Enforcement Agency (NDLEA) Apapa and Tin Can Island Customs Commands, Igbusi Men Socialite Group, Tigbo Esteemed Lion Club, among others.
Earlier, the Publisher of TransQuest magazine and convener of the summit, Mr. Felix Kumuyi, commended the array of industry bigwigs and port stakeholders who graced the occasion.
Kumuyi specially thanked the brand’s believers whose support have strengthened the media organization over the years, while he admonished the award recipients to keep making positive contributions in their respective capacities.
Some journalists and public relations practitioners were also honoured including; the Apapa Customs spokesman, Mr. Usman Abubakar; Managing Director of Roam Reporters, Mr. Innocent Orok; Publisher of News Diet online/ magazine, Mr. Kenneth Jukpor; PTML Customs spokesman, Mr. Muhammad Yakubu; among others.
