3 October 2018

Nigeria Loses N2.5trn Annually to Non-Oil Exports, Ports - LCCI

The Lagos Chamber of Commerce and Industry (LCCI), other Organised Private Sector (OPS) and Centre for International Private Enterprise (CIPE), have disclosed that Nigeria's economy is currently losing N2.5 trillion corporate earnings across the sectors on annual basis

The losses included N600billion in revenue by Nigeria Customs Service (NCS) and $10billion from non-oil exports.

Disclosing this at a media briefing on the official unveiling of Maritime Ports research reform in Lagos yesterday, president, LCCI, Babatunde Ruwase, said the industrial capacity utilisation currently stands at 38 to 40 per cent and approximately 40 per cent of businesses located around Lagos ports' communities have either relocated to other areas, scaled down operations or completely shut down.

He said that the these developments have very huge adverse implication for job creation, tax revenue and real economic activities with estimated downside effect of about three per cent on the country's GDP. He also noted that the past and ongoing reform efforts notwithstanding, the Nigerian ports continue to lag behind its peers in Africa and other parts of the world.

Ruwase explained that the research done by the OPS noticed a worrisome level of deliberate resistance by some MDAs to implement/enforce enabling regulations including the 2017 presidential executive orders relating to the ports.

On the way forward, Ruwase said that enforcing the use of single window platform is the most vital reform measure needed to reduce or eliminate process delays, human interface, bureaucracy and multiplicity of agencies. "This will have an immediate, wide and positive impact in the port."

He stressed that presidential executive order on single examination should be enforced and any MDA that violates the order should be sanctioned, also there is need to digitize export process, especially the processing and approval of NXP forms.

He noted that there is need to extend reform action plans of PEBEC to Eastern ports, air, and land ports. Government should improve the security situation along and within the Warri port in other to ward off militants and touts. Stakeholders request that government should approve and publicize a bouquet of incentives to importers and exporters that patronise ports outside Lagos state.

"Our advocacy activity in the maritime ports and other sectors is a continuous one. We have a collective responsibility working with various stakeholders to ensure a better investment environment for the progress of the Nigerian economy and the good of everyone."

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