- The CCC urged the federal government to review Nigerian Customs Law to mitigate the naira’s exchange rate volatility against the dollar
- The CCC emphasized incentivizing good corporate governance, strict compliance with maritime laws, and penalizing infractions to deter violations
The Customs Consultative Committee (CCC) has called on the federal government to review Nigerian Customs Law to mitigate the impact of the naira’s exchange rate volatility against the dollar.
During a stakeholders meeting in Lagos yesterday, the CCC stressed the importance of this review in protecting local businesses involved in import and export.
The committee, which includes top customs officers, the Manufacturers Association of Nigeria (MAN), business owners, and industry players, believes the new law could boost Africa’s global trade volume, which currently stands at 2%.
The CCC is also committed to partnering with the government through institutional support to ensure the effective implementation of new policies. While acknowledging the new law’s benefits, the committee emphasized the need for strong political will to enforce it.
The CCC highlighted the importance of incentivizing good corporate governance and strict compliance with maritime laws. They also urged the government to penalize infractions to serve as a deterrent.
“It is contradictory to allow law violators in the maritime sector to go unpunished while those who comply with government policies suffer significant losses,” the committee stated.
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