By Taiwo Adebowale
APAPA, Lagos — In a compelling call to action, the 2023 Labour Party Presidential Candidate, Mr. Peter Obi, has urgently urged the Federal Government of Nigeria to address the pressing issue of inconsistency in custom duty charges, According to him, it is a matter that has far-reaching implications for the Nigerian business environment.
Mr. Peter Obi, also a former Governor of Anambra State, voiced his concerns over the arbitrary and escalating customs duties and emphasized their detrimental impact on businesses, as well as the subsequent rise in the cost of goods, which ultimately poses a significant threat to the country’s economy.
One of the critical issues highlighted by Obi is the sudden variation in exchange rates used for duty calculations. He cited an example where the importer initiates the importation process based on a specific rate, only to face a different rate upon the arrival of goods in Nigeria. This inconsistency not only presents a severe business challenge but also contributes to inflationary spikes, further burdening the cost of living.
The former Governor emphasized that such arbitrary charges could lead to the closure of businesses and subsequent job losses. Importers, facing unexpected financial burdens, might explore alternative ports in nearby countries, leaving Nigerian ports underproductive and causing a significant revenue loss for the government.
Obi stressed the necessity for the government to demonstrate policy consistency, enabling economic forecasting and business planning. He lamented the adverse effects of poor and inconsistent economic policies, resulting in dying businesses and shuttered manufacturing operations across the country.
In his plea, Obi underscored the paramount importance of supporting businesses, especially in the manufacturing sector, to sustain economic growth. He highlighted the small business sector as a critical engine of economic development, urging the government to prioritize its survival.
The Labour Party Presidential Candidate emphasized the need to strike a balance between customs revenues and the preservation of local businesses, employment, and a reasonable cost of living. As the nation grapples with economic challenges, Obi’s call resonates as a plea for urgent and strategic government intervention to secure the stability and growth of Nigeria’s economy.
