Business
Agents Decry N20bn Loss To Fake Imports In 10 Years
The Association of Nigeria Licensed Customs Agent (ANLCA) has said that clearing agents and customs brokers lost over N20 billion cumulatively as a result of substandard and fake importations into the country in the last 10 years.
National President of the group, Hon. Iju Tony Nwabunike, made this known during a presentation at a one-day workshop on facilitating trade through Standard Organisation of Nigeria’s (SON) automated services in Lagos, on Tuesday.
Nwabunike said, “We have an unsung ethic of promoting standard and best practice across various areas in the course of carrying out our cargo clearing function at the seaports and border stations.
“Overtime, the customs brokers have been victims of substandard importations by importers who, in some cases, failed to disclose to us the actual content or degree of compliance with extant rules like SON Conformity Assessment Programme (SONCAP).
“In view of copious challenges faced in our line of business, we educate importers on the need for their compliance to safeguard lives and avoid losses emanating from seizures and destruction of fake and substandard goods.
“This task is daunting but we are not relenting because customs brokers have suffered an estimated cumulative losses amounting to over N20 billion in the last ten years for undertaking to clear goods discovered to be substandard.
“Let me put it clear ,that upon seizures of suspected fake or substandard goods after payment of duty, it will be easier for a camel to go through the eye of a needle than for an importer, whose consignments were seized, to pay you the balance of the agreed sum even after the broker has spent his money on the logistics.
“This is just a mild analogy of the costly price we are paying to achieve standards and build an enduring economy that will be beneficial to all”, he said.
The ANLCA boss urged importers to take the advantage of training and enlightenment opportunities provided by his association and corporate bodies like SON to keep complying.
He called on the Nigeria Customs Service to integrate SON into the Nigeria Customs Information System (NICIS) as a means to enhance trade and promote ease of doing business at the ports.
Nkpemenyie Mcdominic, Lagos
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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