Connect with us

Business

NEPC, Customs Urge Proper Documentation For Cross-Border Trade

Published

on

Spread the love

 

 

The Nigerian Export Promotion Council, in collaboration with the Akwa Ibom State Committee on Export Promotion and the Nigerian Customs Service, has stressed the need for stakeholders in the export business to prioritise efforts on proper documentation to boost cross-border trade.

They stated this in Uyo on Wednesday during the first phase of the Strategic Stakeholders’ Engagement on Mainstreaming Cross-Border Trade with the theme “Mainstreaming Informal Trade and Data Collection for Enhanced Economic Development.”

Speaking during the meeting, the Chief Executive Officer of NEPC, Mrs Nonye Ayeni, explained that the aim of the meeting was to see how strong and reliable data collection can help formalise cross-border trade.

Ayeni, who was represented by the Director of the Trade Information Department, Dr Joe Itah, lamented that informal traders pay so much to different agencies due to a lack of proper documentation.

“Export requires procedures and documentation; it has to be planned. There has to be a follow-up on all other stages. You have to do the segregation and package it well. You have to keep all the indicators of what is needed on the packaging and labelling, so it will be easier for you.

“When you do this in a formal way, even when government grants come, apart from making policies, we will not go for those who are not registered with NEPC. That is why, in a nutshell, we are here today,” Ayeni said.

She urged participants to discuss issues regarding the challenges faced by those engaged in informal trade and how the trade could be mainstreamed in terms of data collection and other aspects.

Also speaking at the occasion, the Representative of the Nigerian Customs Service, Assistant Comptroller Mr J Bassey, emphasised proper documentation and data collection for export, adding that such data is needed to know the volume of trade going on in the country.

In his remarks, the state Commissioner of Trade and Investment, Dr John Etim, noted that informal trade reinvigorates the economy and generates income for families. However, he lamented that the government does not have reliable data regarding the volume, types, and locations of these trades, making it impossible for the government to derive revenue in the form of taxes and levies from them.

Etim said, “Informal trade is a trade that is not documented; informal trade goes on everywhere in the world, even in developed economies. If you go to New York, you will find Africans, especially Nigerians, selling all kinds of merchandise in an informal manner.

“Informal trade reinvigorates the economy of any place or state, puts food on the table, takes care of families, and provides income for the citizens.

But the downside of informal trade is the lack of data, in the sense that the government or agencies do not have data regarding the volume, nature, types, location, or channels of these trades.

“So, it becomes impossible or very difficult for an organised government agency to derive revenue from informal trade in the form of taxes, levies, and so on. That is why this conference becomes necessary to see how we can formalise informal trade that goes on in Nigeria.”

 


Spread the love
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2023 Instant News Naija

× How can I help you?