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As a result of the continuous fluctuation in the foreign exchange rate, thousands of imported used vehicles have been left stranded at the seaport, according to the Nigeria Customs Service (NCS).
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During a courtesy visit by members of the Association of Nigerian Licensed Customs Agents (ANLCA), the Customs Area Controller for the Tin Can Island Command, Comptroller Dera Nnadi, expressed concern about the declining cargo throughput at the command.
Comptroller Nnadi explained that the number of vehicles being processed through the command had decreased significantly, dropping from 32,000 in 2018 to a mere 4,000 units in 2023.
He remarked, “There are numerous vehicles abandoned in the port because their owners are unable to clear them due to the high exchange rates. I asked, ‘Why did you import when you don’t have the money to clear them?’ But someone reminded me that these vehicles were imported with the belief that they could exchange money at N420, and suddenly it’s N770. Consequently, the owners in America abandoned them, saying, ‘We can’t clear them; let them remain there.'”
Comptroller Nnadi lamented that the situation had worsened due to the Russia/Ukraine crisis, which had disrupted imports of bulk cargoes into the country.
He cited several factors affecting trade and revenue generation at the command, including a decline in vehicle imports, high exchange rates, and trade policies introduced by the former Governor of the Central Bank of Nigeria, Godwin Emefiele.
Despite these challenges, Comptroller Nnadi revealed that he had been tasked with generating N350 billion in revenue in the remaining three months of the year. He pledged not to compromise on trade facilitation to meet this target, emphasizing the need for integrity and correct procedures to streamline processes and reduce the burden on importers and agents.
