Monetary Policy Reason For Drop In Import Volume – Customs

Kirikiri Lighter Terminal of the Nigeria Customs Service has attributed the drop in import volume to the effect of the monetary policy.

Statement signed by the Customs Area Controller in charge of the command, Timi Bomordi, says that the command collected a total of N10m from imported goods, adding that the amount represented 77 percent of its expected revenue for the quarter.

“So far, in the first quarter, the command has collected a total of N10bn. This amount represents 76.87 percent of its expected revenue for the quarter. While we acknowledge the impact of monetary policy changes and the effect of exchange rates on business, the overall effect has been a downturn in import volume, hence the command’s performance.”

He added that the command had an anticipated revenue target of N55bn for the year 2023.

“However, all hands are on deck to safeguard and protect all revenue accruable from import and export trade. To this effect, demand notices to the tune of N68.5m have been raised to shore up the shortfall in revenue.”

Its major impediment is the draft, which restricts the direct berthing of seagoing vessels. This challenge has recently been overcome with the introduction of ocean-going lighter barges with the capacity of moving over 200 TEUs.”