Federal Government’s Trade Modernisation Project (TMP) is expected to fast-track cargo clearance at the nation’s ports, according to Tajudeen Alao, president of the Nigerian Association of Master Mariners.
Alao told journalists in Lagos recently that the project would boost Internally Generated Revenue and enhance the country’s global visibility.
“More than 30 years ago, Singapore grew from a third-world to a first-world country because President Lee Kuan Yew led the drive for technology awareness. So, Nigeria must make more efforts to keep abreast with technological advancements worldwide and TMP would increase revenue through improved Customs clearance procedures,” he said.
He said growth is impossible without trade and that creating an atmosphere conducive to trade is essential, adding that the initiative would eliminate human interference through ICT.
He said the project would enable Nigeria to become a shipping hub for West and Central Africa.
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Alao commended terminal operators for upgrading the access corridors at the port and urged them to enhance other facilities to reduce business processing time.
Ahmed Ogunshola, general manager of the Trade Facilitation Project, confirmed that numerous benefits would accrue to Nigeria when Customs is fully automated.
The Federal Government and Trade Modernisation Project Ltd. signed a 20-year Concession Agreement on May 30, 2022, to provide best-in-class technology for implementing paperless Customs in Nigeria.
Ogunshola said the project would simplify and enhance the experience of stakeholders in the trade value chain, making it easy to obtain import and export clearances, pay duties, and get the release of goods.
He said the major advantage of the project was the significant growth in the revenue profile of the federal government.
“The project will generate more than $250 billion for the Federal Government over the concession period and bring Nigeria at par with the rest of the world, in terms of using technology to facilitate international trade,” he said.
He said it would give the economic diversification agenda of the Federal Government a huge boost by providing ease of cross-border trading.
