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OTC: FG to review foreign trade policy

By Godfrey Bivbere & Ifeyinwa Obi

The Federal Government is set to change its trade policy,  the current Free on Board, FOB, to Cost, Insurance and Freight, CIF,  which most countries across the world use, because of its economic benefits, before the end of the year.

The FOB makes it mandatory for the buyer to determine who ships his goods, the insurance and  the  port of destination, while the CIF ensures that the seller determines who ships and who insures the goods bought from him.

Presently, goods bought from Nigeria are on FOB basis while Nigeria’s trade with other nations is on CIF basis.

Disclosing the position of the Federal Government to Vanguard in Houston, Texas, USA, at the ongoing Offshore Technology Conference, OTC, Special Adviser to President Goodluck Jonathan, Mr. Leke Oyewole, said work had been completed on the document for the change in policy, so as to help indigenous operators.

Oyewole explained that a document to that effect had been completed and inputs from the Ministries of Finance, Trade and Investment, Petroleum and others, had been made after it went to the President.

According to him, all that was left now, was for the Economic Management Team, EMT, to take a final look at it before it returns to the President for assent into law.

He said: “The EMT always has a long list of issues to attend to. They were to have met last month but it was not possible because of some reasons. But I can tell you that within this month, most likely,  it will be discussed and when  discussed and agreed upon at that level, it will be left to the President to just sign. Once that happens, it becomes an order.”


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Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.