IMAN seeks FX incentives for importers

With foreign exchange (FX) scarcity still biting hard, thereby squeezing many companies into almost bottoming out, the Importers Association of Nigeria (IMAN), a group which said they are honestly involved into importation to grow the economy, has called on the Federal Government to grant FX incentives to ‘genuine importers’ in the country, to enable them import goods and machines that would enhance economic growth and create employment.

IMAN national president, Ralph John, a maritime expert and an economist, while grating a media interview in Port Harcourt, said, the recent granting of waiver of N197 to $1, as against N350/$1, to pilgrims by the Federal Government should rather be extended to the productive sector of the economy, including importers, whom he described as growers of the economy.

John said, although they in IMAN were not condemning the Federal Government gesture, but they thought the same gesture, or even a better FX window, should be given to investors like importers, whom he said, “add value to the economy,” before extending to tourists whose sole aim of travelling were only leisure.

He described importers as “critical stakeholders in the maritime industry;” saying that, it would be difficult to check smuggling when forex was scarce and out of the reach of businessmen who need it most.

With the economy still struggling from almost bottoming out into recession, and revenue targets missed quarter-on-quarter (q/q) since late last year by the Customs service (NCS), while smuggling continues unabated, the IMAN president advised the Federal Government to partner with their association (IMAN) to checkmate increasing smuggling, which he said further hurts the economy.

John, an economist and a reverend gentleman, in the media briefing with some journalists in Port Harcourt, lamented the rate of smuggling in the country, but informed that, as patriotic Nigerians involved in the business of importation, they have formed themselves into a group of ‘genuine importers’ under the aegis of IMAN.

He therefore, urged the Federal Government to work with their association, in identifying genuine importers who are properly registered with IMAN, to curtail incessant smuggling in the country.

“IMAN is a critical stakeholder in the maritime industry; and we are asking the Federal Government to give concession on forex to importers. There is no reason why importers should be grappling with the current exchange rate of over N350 per dollar, while tourists are given rebate to travel for sightseeing or leisure, which does not grow the economy,” he stated.

According to the IMAN boss, “we think it is important for the Federal Government to grant concession to importers to import goods and machinery, thereby creating employment and boost the economy, especially in this austere time.”