The Nigeria Customs Service (NCS), yesterday joined the World Trade Organisation (WTO) member countries in Europe, United States of America (USA) and Asia to launch the Time Release Study (TRS), a tool for effective cargo clearance and trade facilitation.
The launch of the TRS by NCS is in collaboration with the World Trade Organisation (WTO) aimed at increasing efficiency in Nigerian ports.
The TRS methodology, developed by the WTO, also offered a systematic approach to measuring the total duration of time from goods’ arrival at the customs border to their release.
Speaking in Lagos at the official launch of pilot scheme of TRS at the Tin Can Island command of Customs, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said for Nigeria not to be left behind in the global world of development, she must key into the initiative.
The minister, who was represented by the Permanent Secretary of the ministry, Lydia Jafiya, stated that TRS redefines best approaches to creating enabling environment for businesses and providing excellence services for economic cooperation.
“Several countries in Europe, United States and Asia, Middle East and Latin America have adopted TRS, recognising it’s significance in enhancing trade facilitation. So, for Nigeria not to be left behind in the global world of development, we need to key into this initiative,” the Minister stated.
Edun further stated that the TRS falls within the domain of the Federal Government renewed hope agenda which demonstrates President Bola Ahmed Tinubu’s commitment to unleash full economic recovery for the country.
“TRS falls within the domain of the Federal Government renewed hope agenda which demonstrates President Bola Ahmed Tinubu’s commitment to unleash full economic recovery for the country. It also redefines the best approaches to creating enabling environment for businesses in addition to providing excellence services for economic cooperation,” he stated.
He said a conducive port environment is crucial for the facilitation of international trade, noting that efficient Customs processes are paramount for achieving cost-effective goods clearance and indeed assuring us of efficiency in the system.
Also speaking, the Minster of Industry, Trade, and Investment, Doris Uzoka-Anite, urged Customs to redouble its efforts on trade facilitation.
Uzoma-Anite said focusing on trade facilitation would also lead to revenue generation for Nigeria.
She said the Customs is the only agency in Nigeria saddled with three critical functions: security, revenue generation, and trade facilitation.
The minister said trade facilitation enhances Nigeria’s trade volume and makes her more competitive to generate more revenue without increasing levies.
Speaking earlier, the Comptroller General of Customs, Bashir Adewale Adeniyi, emphasised that adopting international best practices will promote trade growth in the country.
Adeniyi stated that TRS would provide comprehensive insights into Customs operational’ efficiency, thus contributing to national development goals.
The CGC highlighted that the data-driven tool enables stakeholders to identify bottlenecks and inefficiencies accurately, thereby enhancing trade efficiency and promoting economic development.
Reflecting on Nigeria’s previous attempts to conduct TRS exercises, Adeniyi acknowledged the challenges faced due to lack of collaboration among relevant agencies.
He, however, expressed optimism about the current initiative, leveraging lessons learned from past experiences to ensure success.
He noted that the revitalisation of the National Trade Facilitation Committee (NTFC) and extensive stakeholder engagements underscored the commitment to collaboration and transparency in the implementation of TRS.
Adeniyi also listed other measures that have been put in place to include the revitalisation of the National Trade Facilitation Committee (NTFC) and extensive stakeholder engagements resulting in the signing of the Lagos Continental Declaration document.
