The Comptroller General, Nigeria Customs Service (NCS), Mr. Bashir Adeniyi, has underscored the crucial role policy alignment would play in the success of African Continental Free Trade Area (AfCFTA) in the nation.
He added that AfCFTA’s success depends on the alignment of Nigeria’s fiscal policy with its foreign policy. He, therefore, called for a comprehensive review of existing policies by identifying areas that requires adjustment to align with AfCFTA standards.
Adeniyi stated this at the Nigerian Institute of International Affairs (NIIA) Distinguished Lecture Series on Nigeria’s Economic Growth and Development, themed, ‘Reforming and Positioning the NCS for the AfCFTA and other Emerging Challenges’, in Lagos, yesterday.
Emphasising the benefits of AfCFTA, he said the trade area provides a promise of brighter future where everyone gets a chance to thrive as the continent works together for growth.
He, however, noted that opportunities abound in AfCFTA to significantly enhance the nation’s foreign exchange earnings, but Nigeria can leverage it by getting all operators sufficiently aware, building the capacity of Custom officers as well as manage expectations regarding revenue.
“There’s so much pressure on us understandably to make revenue, but it is important to understand that when we facilitate trade and provide opportunities that would fast track exports development we have the opportunity to achieve faster turnover in volumes,” he said.
Adeniyi explained that for Nigeria to strategically synchronise with the continental objectives, there is need for an environment for trade and investment that allows seamless flow of goods and services.
“To achieve this, we must establish a continuous feedback mechanism between fiscal policy makers, foreign affairs representatives and the NCS. There must be collaboration between fiscal, monetary and foreign policies.”
Stating the need to balance requirement between trade facilitation and demands for revenue generation, he added that investment in infrastructure would drive growth.
“Corruption can hinder fair business practices and can limit small businesses. We need massive investment in infrastructure, stable power supply, modern facilities youth empowerment and diplomatic fire walls,” he added.
The Director General, NIIA, Eghosa Osaghae, said the institute was set up to promote understanding of International Affairs, especially complexities that make those affairs not intelligible to the ordinary people. “It is within this complex goal that the linkage of customs with international affairs becomes clear.”
He noted that the lecture was a step to strengthen the capacity and foundation of the Nigerian customs to better deliver on its mandate to provide leadership in customs duties.
The Chairperson of the lecture, Erelu Dosumu Abiola, said in the era of globalization, the role of Customs couldn’t be overstated as the nation navigates the current economic landscape.
She raised the need to foster a culture of integrity and unity. She stated that reforms are necessary in Customs to enhance efficiency, transparency and economic gains to maximise opportunities in AfCFTA.
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