Single tariffs window will curb many Customs checkpoints — Osinbajo - Soul 2 Soul Mates Blog

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Single tariffs window will curb many Customs checkpoints — Osinbajo

The proposed single tariffs window system by the Federal Government will curb the high incidence of multiple checkpoints by the Nigerian Customs and Nigerian Ports,
Vice President Yemi Osinbajo has said.
The Vice President was speaking at the first plenary session on “Access to Capital” at the Nigerian Economic Summit, NES 23, which opened on Tuesday in Abuja on the theme: “Opportunities, Productivity, and Employment: Actualizing the Economic Recovery and Growth Plan”.

Responding to a participant’s question whether it was possible for Nigerians to wake up to a new reality of our borders free of multiple Customs checkpoints, especially along the country’s eastern axis, the Vice President said although he would not say how soon, he assured Nigerians that the government was addressing the problem.
“It might not be tomorrow. But, we need to do more to check the problem. We have established the single tariff window process for import and export for Customs through the sea and airport borders. We will be able to see the impact in the next couple of months,” he said.
The Vice President, who said government was worried about several reports about the menace at Customs checkpoints, said the single window system was part of the government’s efforts to remove the bureaucratic bottlenecks militating against the ease of doing business in the country.

Aside the Customs checkpoint menace, Mr. Osinbajo said the government would also implement reforms at the National Agency for Foods Drugs and Administration Control, NAFDAC, and the Standards Organisation of Nigeria, SON to enhance effective operations.
On other factors militating against economic growth, like poor power supply, dilapidated roads and insufficient foreign exchange for importers, the Vice President said the government would continue to partner with the private sector to address the existing infrastructure deficit.
Despite having a N7 trillion budget this year, he said this was inadequate to address all the infrastructure challenges the country is having, stressing the need for continued collaboration with the private sector to address them.

Although the country has exited recession, Mr. Osinbajo said the country was not home yet.
“We are not there yet, but it is a sign that we are making significant progress. Our foreign exchange reserves has hit about $32 billion. We now have a dedicated window for investors and exporters called NAFEX (Nigerian Autonomous Foreign Exchange).

“We have recovered from the loss of over one million barrels per day when we came in. Now production is nearly 2 million barrels per day. Our debt overhang is daily being addressed as we pay our cash call arrears,” he said.
On the concerns of high interest rate, the vice president said the issue, which is as a result of the government borrowing from the local market, was being addressed through long tenure and cheaper loans.

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