A maritime expert, Kayode Farinto, has called for an introduction of measures by the federal government to prevent cargo loss to neighbouring countries in 2024.

Mr Farinto, former acting national president of the Association of Nigerian Licensed Customs Agents (ANLCA), gave the advice in an interview on Tuesday in Lagos.

Mr Farinto urged the government to introduce measures to cushion the effects of its various economic policies.

He noted that importation was dropping daily in the country due to the exchange rate challenges.

Mr Farinto also stressed the need for government trade facilitation.

“How do we encourage these importers that are bringing in consignments because whether we like it or not, we will continue to lose our cargo to neighbouring countries?

“On some of the measures to implement to stop cargo loss, we have been collecting seven per cent of port levy in the last three decades; it is no more adding value; where is the money going? The government should discontinue it,” the former ANLCA president stated.

He added, “With the way we tax our value-added tax, its double taxation. We appreciate the government setting up a committee, and we have presented a position paper looking at how we charge our VAT. 

“If I buy a commodity of N5, you should charge me VAT based on that N5, not when you are charging me VAT based on the duty, the surcharge and everything, and we are still subjected to tax. 

“This is double taxation. The issue of the reduction of the age limit of imported vehicles from 15 years to 12 years should be adjusted.”

He urged the government to bend backwards and make the policy 15 years ago to accommodate the younger youth into hailing business.

(NAN)