Business
Cross Border Trade, Key To Economic Recovery – Association
The President, National Association of Nigerian Traders (NANTS), Mr Ken Ukaoha, says cross border trade is key to economic recovery and revenue generation.
He said this in Abuja on Monday during a policy dialogue on combating corruption along Nigeria-ECOWAS trade routes.
Ukaoha, who said corruption along trade routes must be addressed, added that “unnecessary trade barriers created by non-transparent, burdensome rules and procedures which in turn constitute vulnerabilities, breed corrupt behaviours.
“Similarly, unnecessary delays in movement of goods continue to increase the burden of losses to operators, consumers, as well as diminish revenue to government coffers while increasing the cost of doing business.”
According to him, the aim of the dialogue is to strengthen integrity of border controls, customs administration and to strike a balance between security of lives and property and free movement of goods.
He said the dialogue would proffer practical recommendations toward facilitating free trade and to reduce corrupt practices.
Ukaoha added that traders, clearing agents and transporters on their part were not honest in their practice.
He explained that over-invoicing, under-declaration of goods, false declaration, illegal importation, trade vices such as smuggling, trafficking either in human or small arms, as well as drug peddling were perpetuated daily along trade routes.
Ukaoha said “sometimes, the actors lure government agencies into unholy collaboration that tend to swindle government of potential or impending revenue.
“Some goods categorised as arms are sometimes allowed in with the collaboration of officials and the country continues to bleed with insecurity, among other negative vices.
According to him, there is need to examine the practice of every actor in order to send appropriate messages to appropriate quarters.
The Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr Ekpo Nta, said, aside from poor infrastructure and corruption, abuse of procedure was often identified as most formidable cog in the nation’s desire to maximise benefits from trade.
Nta, represented by Deputy Director, Corruption Monitoring and Eradication department in the commission, Mr Akeem Lawal, complained about corrupt practices such as extortion, bribery, intimidation and harassment by trade and product regulators and enforcement officials across the land, sea and air borders.
He said “Federal Government and relevant agencies are aware of the importance of smooth trade facilitation that contributes to job creation and economic wellbeing of the people.
“This informed the commission to conduct Corruption Risk Assessment exercises in Nigerian seaports of Apapa, Tincan Island, Warri, Onne and Calabar.
“Others are international airports at Lagos and Abuja, with the objective of assessing the nature of corrupt practices among officials and operational practices and procedures that dispose them to corruption.”
Nta emphasised that traders and businessmen must understand that they also had
critical roles to play to promote right conditions for corruption-free trade.
He said traders must obey regulations and practices that concerned exports and imports, pay appropriate charges and duties, obtain and provide required documentation.
The ICPC boss added that traders must avoid dealing in contrabands and controlled items and also have the responsibility to report demand and solicitation for bribe to appropriate agencies.
“It is when traders play by the rules that they have equity on their side.
“The haste to clear goods should not make them deviate from patriotic roles to sanitise the nation’s economic and trade environment.”
The Head of Unit, Trade Policy and Facilitation of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Mr Alexander Werth, also stressed the need for Federal Government to work toward reducing trade route corruption.
He advised traders to report any corruption that occurred as they export or import goods, adding that traders should also have all the required documents to avoid any form of corrupt practices.
“The traders must have the relevant documents so that security agencies will not use it against them,’’ he said
Werth, of the German service provider GIZ, called for sensitisation and change of attitude from traders and security agencies.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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