The Customs Consultative Committee (CCC) has urged the federal government to review the Nigeria Customs Services Act (2023) to cushion the effect of foreign exchange (FX) rate volatility.

At a stakeholders’ meeting held in Lagos, yesterday, the body said the review has become imperative to protect local businesses that engage in import and export.

According to the body made up of top customs officers, members of the Manufacturers Association of Nigeria (MAN) and business owners, the new law has the potential to increase Africa’s volume of trade, which currently stands at two per cent.

CCC also resolved to partner with the government through institutional support aimed at ensuring the workability of the policies enunciated in the new act.

Good as the new law was, the committee said, government needs to ensure pursues its implementation with the necessary political will it deserves.

According to the body, the government needs to identify good corporate governance and absolute compliance with the laws governing the maritime sector, while not sparing infractions.

“It marks duplicity to encourage violators of laws in the maritime sector by not punishing infractions, while those who are out of compliance with government policies continue to suffer huge losses,” the body said.

The committee said efforts must be geared towards making Nigeria Ports more efficient and profitable in line with global practices.

“Ports, anywhere in the world do not sleep. They work 24 hours. This is the only way to go. Ports do not close businesses at all. However, it is not the same as a Nigerian port that works like the Ministry in Nigeria. This must be addressed,” it said.

While advocating improved trade facilitation among critical stakeholders, the committee said digitalization of the ports would reduce downtime as well as encourage improved trade relations targeted as raising the accruable revenue to the government.

The group also urges the Federal Government to take a second look at the processes in the ports, adding that “thirty days and fourteen days notices to terminal operators need to be looked into as the timing is too short”.

The body noted that it was concerned with the dynamics and trends within the international trade and security supply chain, especially from fostering efficiency and seamless considerations along the Customs ports operation, adding that there was a need for process and operational re-appraisals.

It said it aims to provide a platform for intellectual brainstorming sessions resulting in cross fertilisation and collation of robust ideas about improving trades, shipping, ports, customs and regulatory activities within the supply chains.

According to the committee, efforts would be made to articulate ideas and recommendations for the attention of the relevant policymakers in the supply chains.