For an improved relationship on ECOWAS Trade Liberalisation Scheme (ETLS), the Nigeria Customs Service (NCS) would be meeting with its counterpart in the Republic of Benin today, Monday, July 24, 2023.
The acting Comptroller General (CG), NCS, Adewale Adeniyi, announced this during a meeting with stakeholders at the Seme-Krake Border Command of the Service over the weekend.
He said the meeting to be held in Benin Republic would set the tone for trade agreements beneficial to both countries in furtherance of the provisions of the ETLS and double as a precursor to the commencement of the African Continental Free Trade Area (AfCFTA).
The Customs CG noted that preferential trade agreements has been the bedrock of prosperous nations across the world, adding that the development of geopolitical blocs are hinged on policies and agreements which grant trade benefits to nations believed to share complimentary needs thus enabling them trade freely and favourably between and among each other.
Such symbiotic relationship and understanding according to him is needed to enhance the efficiency of both Services as behooves neighbours and to strengthen the process of trade facilitation and economic development.
He said: “We are already familiar with the ECOWAS Trade Liberalisation Scheme which has started over 30 years ago. While we are grappling with this, other parts of the world have made significant progress and we discover that with these places, the biggest trade partners are those who are within the preferential trade area.
“If look at Europe for example, the biggest trade partners are Germany and France. If you look at the case of the South East nations Korea and Japan, they are the biggest trading partners. They trade with other parts of the world but they trade with themselves more.
“What this portends for us is that while we trade with other regional ports outside our area, we still have to define our economic prosperity in the framework of the trade that we conduct between ourselves.
“So Nigeria-CotêVoir, Nigeria-Senegal, Nigeria-Ghana, there is so much that we can trade and there is so much depth that we can look out for when we define our future in terms of inward looking economic development model. This is what ETLS is all about. This is what AfCFTA is all about.
“So, whether we like it or not, the task is suspension of customs duty on goods that are traded within this economic bloc. For us in Customs for example, the major things we are going to be learning about would be origin fraud, preferential trade and other economic matters.”
In view of this, Adeniyi urged stakeholders not to work in silos but to embrace the changing economic times which would usher in great good for all.
He disclosed that plans are being made to deploy technology in accounting for the informal trade sector along the border corridor to make for a holistic aggregate of the trade volume as well as build the sector into a robust industry.
The NCS Chief noted that the rationalising of checkpoints along the Seme-Lagos trade corridor would reduce the encumbrances to legitimate trade stating that the proliferation constitutes a national embarrassment which must be checked.