At a breakfast meeting organized by the Maritime Reporters Association Of Nigeria (MARAN) a distinguished speaker , the CEO of Centre For The Promotion Of Private Enterprises (CPPE) , Dr Muda Yusuf has highlighted the significance of the maritime sector in Nigeria’s economic transformation.
The CEO affirmed that despite contributing 16% to the country’s GDP in 2023, the sector’s full potential remains untapped.
Dr Muda emphasized the need to capture the entire international trade ecosystem in GDP data, beyond just domestic trade.
According to him, “The maritime sector handles over 95% of international merchandise trade, with a value of N71.9 trillion in 2023”.
He said that the eight-point agenda of the President Tinubu administration intersects with trade facilitation, making it crucial for achieving desired outcomes. Trade facilitation aims to minimize impediments and costs in international trade, ensuring a competitive economy.
He itemized the Key objectives as reducing shipping costs, demurrage, storage fees, interest costs, insurance costs, haulage costs, container costs, import duty, regulatory fees, levies, taxes, and corruption costs.
He acknowledged that Nigeria Customs Service plays a vital role in trade facilitation, with initiatives like the Time Release Study (TRS) and Authorized Economic Operators (AEO) process.
He said the efforts aim to reduce delays, incentivize compliance, and boost trade facilitation.
In conclusion, he highlighted critical pillars of trade facilitation and reform imperatives, emphasizing the need for a seamless international trade process to drive economic transformation.
