•Says it’ll foster friendly business environment

By Yinka Kolawole, Godwin Oritse & Godfrey Bivbere

THE Federal Government, yesterday, launched the Time Release Study, TRS, a tool to enhance trade facilitation and unleash the economic potential of Nigerian ports.

Speaking at the ceremony, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who was represented by the Permanent Secretary of the Federal Ministry of Finance, Lydia Jafai, said that the platform will create an enabling environment for businesses in addition to providing excellent services.

Edun stated: “The current trend in the ports brings about lots of delays and increase in cost of business. The ports, for example, experience a lot of challenges of congestion due to inadequate infrastructure and lack of streamlined procedures, leading to prolonged clearance time for goods which impacts on the  overall  competitiveness of Nigerian businesses in the global markets.

“In addressing these challenges, comprehensive reforms, investment in modern infrastructure, improved regulatory framework and enhanced transparency and efficiency in the ports and border control are needed.

“A conducive port environment is crucial for the facilitation of international trade, efficient Customs and other processes are paramount for achieving cost effective goods clearance, minimizing storage and demurrage. Moreover, it facilitates a time supply chain management, reducing the need for excess inventory and improving overall logistics and with this, we are sure of efficiency.

“It is against this background that I welcome the implementation of Time Release Study which will foster a friendly business environment.”

Also speaking, Uzoka-Anite charged the Customs to redouble its efforts at trade facilitation as a way to boost revenue generation in the country.

According to her, the Customs is the only agency in Nigeria saddled with three critical functions, namely: security, revenue generation, and trade facilitation.

She stated: “The Time Release Study provides us with an opportunity to gain insights into the factors influencing the timely release of goods at border corridors as it will enable us to develop best practices and recommendations.”

Commenting, Comptroller General of Customs, Adewale Adeniyi, said with the development, Nigeria has joined other Customs administrations in adopting tools developed by the WCO. 

He stated: “Today we are joining other Customs Administrations in the world that have embraced the tools developed by the World Customs Organisation (WCO), to promote the growth of international trade.”