|Join Earboard / LOGIN! / Advertise / Join Earboard Affiliate /Contacts / News|
Stats: 4828 members, 31916 topics. Date: Wednesday, 12th December 2018
HOME NEWSLETTER GENERAL NEWS TECHNOLOGY EDUCATION AFFILIATE
|Click Here to Receive Our Next Post via Email ...|
Tariffs: Benin, Ghana Wage Economic War Against Nigeria
|Tariffs: Benin, Ghana Wage Economic War Against Nigeria by Editor: 11:01 am On March 9, 2017|
Neighboring countries around Nigeria have been accused of working in consonance to sabotage the local economy of the state.
Benin, Ghana and other neighbouring countries are currently waging economic war to cripple the Nigerian economy with a common duty structure that eliminates payment of tariffs for goods that pass through their ports, according to the New Telegraph.
It was learnt that the common External Tariff (CET), which recommends the adoption of a common tariff structure for West African countries with only a limited bar for differential, has unfortunately become Nigeria’s nightmare.
In anticipation of the tragic connivance among the countries to wreck Nigeria’s economy, the Comptroller-General of Customs, Col. Hameed Ali (rtd), had, last year, visited his Republic of Benin counterpart to re-evaluate the Memorandum of Understanding earlier signed on the effectiveness of border management between both countries.
To consolidate the MoU, Ali also hosted the Beninoise Director General of Customs and Indirect Taxes of Customs, Mr. Sacca Charles, in Abuja. The idea was to ensure that goods from the region never got into Nigeria without going through the authorised process.
Despite the collaboration, Nigeria has lost billions of naira to the neighbouring countries that continue to flout the ETLS rules in the last few months. Available records revealed that within a period of eight months after the MoU was signed, NCS had seized contraband with duty paid value of N660.14 billion.
The goods consist of foreign parboiled rice and frozen poultry products smuggled through Idiroko and Seme border axis. Besides, other foreign goods coming through neighbouring ports and labelled as manufactured in West Africa, against the subsisting rules, include cartons and sacks/bales of foot wears, bar soap, detergents, toiletries, frozen poultry products, bales of bags/suitcases, used pneumatic tyres, tooth picks, beverages, confectionary, juices, furniture and vegetable oil, among others.
Although, the Federal Government took steps to ban importation of vehicles through the land borders, influx of other goods labelled as manufactured within West Africa are on the increase and currently bleeding the local economy and choking efforts by the Federal Government to encourage local manufacturers.
Throwing light on the development yesterday, maritime stakeholders lamented that the ETLS, which was adopted to boost intra-regional trade, had been abused by the neighbouring countries to dump goods into Nigerian markets.
It was disclosed that the ETLS protocol stipulates a token of 0.5 per cent tax on goods manufactured in any ECOWAS country.
According to the publisher of Business & Maritime Magazine, Mr. Okey Ibeke, neighbouring countries have adopted smart and aggressive economic warfare using almost zero tariffs to flood Nigerian market with their goods.
Also, he noted that imports through these countries were re-labelled and packaged as made within the sub-region in total disregard of World Trade Organisation’s (WTO) rules and transported by roads into Nigeria at the payment of the ridiculous 0.5 per cent levy stipulated in the ETLS protocol.
He explained that Nigerian economy was being snookered by the same protocol and instrument for brotherhood and economic integration within the sub-region. Ibeke stressed that Nigerian economy was effectively being milked by her neighbours.
He noted: “This is not smartness; it is barefaced sabotage of Nigeria’s economy and a betrayal of the spirit of ECOWAS. It is impossible to accurately quantify the cost on our economy.
“Benin Republic encourages Nigerian importers to route their cars through Cotonou and designate them as transit goods destined for any of the land-locked neighbours as final destination.
“With that legal cover, no import duty is demanded nor paid on such vehicles, apart from some statutory landing changes and transit fees.”
Copy the affiliate link below and Share with your Friends:
Sections: News (1) Technology Education (2)
Earboard - Copyright @ 2016 - 2018 George Gosmooth. All rights reserved. See How To Advertise.
Disclaimer: Every member is solely responsible for anything that he/she posts or uploads on Earbaord.