Finance

Port operators decry high Customs duty, CBN forex regime

Port operations in the country have been hit by hike in import duties of vehicles and rice as well as the introduction of a fish quota system by the administration of former President Goodluck Jonathan. Seaport operators disclosed this in a statement on Sunday in Lagos and decried the effects of prolonged low activities at the ports.

According to the operators, the ports have also suffered from the restriction of 41 items from accessing the official foreign exchange window by the Central Bank of Nigeria (CBN).

The National President, National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), Lucky Amiwero decried the current hike in import duty on vehicles in 2014/2015 from 10 per cent to 35 per cent with an additional surcharge of 35 per cent.

He said the policy had brought the total tariff to 70 per cent, adding that this had negatively impacted on operations at the ports.

“The development has also negatively affected the operations of dockworkers, licensed Customs agents, freight forwarders, truckers and others,’’ Amiwero said.

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