The Nigerian Association of Master Mariners (NAMM) commends the Federal Government’s Trade Modernisation Project for its efficient cargo clearance at the nation’s ports. During a recent briefing in Lagos, Captain Tajudeen Alao, President of NAMM, underscored the initiative’s role in enhancing effectiveness and elevating Nigeria’s global standing.
Boosting Efficiency and Revenue
This 20-year concession agreement, signed on May 30, 2022, between the Federal Government and Trade Modernisation Project, promises to digitize the Nigeria Customs Service. Captain Alao highlighted the expected surge in internally generated revenue (IGR) and the alignment of Nigeria with global technological advancements.
Global Technological Parallels
Drawing on Singapore’s rapid rise from a third-world to a first-world nation, driven by President Lee Kuan Yew’s technological initiatives, Captain Alao articulated Nigeria’s need to embrace similar advancements. “More than 30 years ago, when Singapore grew from a third-world country to a first-world country, the President, Mr Lee Kuan Yew, led the drive for technology awareness, and now look at where Singapore is today in terms of technology,” Alao stated.
Streamlined Trade Processes
Ahmed Ogunshola, General Manager of the Trade Facilitation Project, detailed the project’s benefits, which include the full automation of customs procedures. This modernization is set to improve experiences for all stakeholders in the trade value chain, simplifying import and export clearances, duty payments, and goods release.
Economic Impact
Ogunshola forecasts a major boost in government revenue, with projections exceeding $250 billion over the concession period. The project is expected to position Nigeria alongside global leaders in technological trade facilitation.
Advancing Global Integration
By adopting advanced customs procedures, Nigeria signals its readiness to engage more actively in the global market. This modernization effort not only improves local efficiencies but also integrates Nigeria more fully into the global trade ecosystem.
AUTOMOTIVE WORLD | Canada’s Planned Tariffs on Chinese EVs Risk Economic and Diplomatic Fallout
