Customs To Optmise Trade Through Time Release Study Initiative
Trading experience is set to be optimised as the Nigerian Customs Service has announced plans to measure the duration between goods’ arrival at its borders and final release.
The Comptroller General of Customs, (CGC) Bashir Adeniyi disclosed this during the launch of the World Customs Organisation (WCO)-Assisted Time Release Study (TRS) in Lagos.
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In a press release issued by the Customs Service on Friday night, the development followed the outcome of the WCO-Assisted TRS, scoping mission in Nigeria.
During his remarks, Adeniyi described the TRS as a systematic and standardised approach aimed at improving trade efficiency and promoting economic growth and national development.
He said, “In addition to TRS, the NCS is deploying the AEO program, Advanced Ruling, and establishing a Customs Laboratory as part of its ongoing efforts to facilitate trade and improve government revenue.
“These initiatives are supported by the WCO, further emphasising our dedication to enhancing trade efficiency and promoting economic growth and national development through collaboration, innovation, and strategic measures.”
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Launching the TRS, the Minister of Finance, Mr Wale Edun, said the TRS aligns with the federal government’s renewed hope agenda, which demonstrates the president’s commitment to unleashing full economic potential to and among other states.
Edun, represented by the permanent secretary, Lydia Jafiya added that the development “redefines best approaches to create the enabling environment for businesses in addition to providing excellent services for economic operations.”
On her part, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, urged the Customs Service to redouble their efforts in initiating strategies to improve trade facilitation, enhanced trade volume and revenue generation.
“This is because when you facilitate trade, you’re enhancing our trade volume and making our nation more competitive, and then we can generate more revenue without increasing our levies”. She said.
The event, which was held in Lagos, had in attendance the Minister of Industry, Trade, and Investment, Mrs Doris Uzoka-Anite, Minister of Finance, Wale Edun, Minister of Marine and Blue Economy, Adegboyega Oyetola represented by the Executive Secretary, Nigerian Shippers’ Council, Barrister Pius Akutah, DG NIMASA, Dr Bashir Jamoh, Captains of Industries, among other Stakeholders.
