Nigeria Customs calls for policy review to align with AfCFTA standards
Nigeria Customs calls for policy review to align with AfCFTA standards
The Nigeria Customs Service (NCS) has emphasized the importance of reviewing existing policies to align with the standards set by the African Continental Free Trade Agreement (AfCFTA).
During a recent lecture organised by the Nigerian Institute of International Affairs (NIIA) in Lagos, Adewale Adeniyi, the Comptroller General (CG) of Customs, urged for a thorough policy review to identify areas requiring adjustment in order to align with the AfCFTA standards.
Adeniyi highlighted the potential for increased trade and economic growth within the expansive marketplace created by AfCFTA.
READ ALSO: Customs CG pledges to work with stakeholders for swift cargo clearance at ports
He noted that Nigeria, “with its diverse sectors spanning from agriculture to technology, has the opportunity to strategically position itself within the continental trade framework and capitalize on the benefits presented”.
The CG emphasized the need for targeted sector-specific initiatives, infrastructure investment to facilitate seamless trade, and active engagement in cross-border collaborations to bolster Nigeria’s position as a key player in the African trade landscape.
He suggested the establishment of task forces or committees dedicated to each key sector to identify growth opportunities and address challenges within the AfCFTA framework.
Policy alignment was stressed as a crucial factor for the success of AfCFTA, with Adeniyi underscoring the importance of crafting policies that align with continental objectives, extending to infrastructure development while balancing the trade facilitation mandate of the NCS with revenue generation expectations.
While acknowledging the delay in ratifying AfCFTA as a setback, Adeniyi indicated that it presents Nigeria with a crucial moment for strategic recalibration.
He recommended a comprehensive review of existing policies to make the necessary adjustments, emphasizing the alignment of Nigeria’s fiscal policies with its foreign policies as intricately linked to the success of AfCFTA.