Kano: The Federal Government has called on importers to embrace ethical practices in order to curb revenue leakages and boost national development. The Permanent Secretary of the Federal Ministry of Finance, Mr Raymond Omachi, addressed the issue during a one-day sensitisation seminar for importers themed ‘Ethics in Import Trade for Enhanced Revenue Generation’, held in Kano.
According to News Agency of Nigeria, Omachi, who was represented by the Deputy Director of the Trade Relations Division, Hajia Rukaiyatu Ahmed, emphasized the critical role that the import trade sector plays in driving the nation’s economy through the provision of goods and services, job creation, and the facilitation of international trade. He expressed concern over unethical practices such as under-declaration, smuggling, and non-compliance with regulatory guidelines, which undermine fair competition and significantly reduce government revenue.
Omachi highlighted that these practices deprive the nation of essential resources needed for infrastructure development, including roads, schools, hospitals, and power supply. The seminar was organized to foster dialogue, learning, and the promotion of best practices, rather than to assign blame. He urged importers to ensure proper documentation, accurate valuation of goods, and strict adherence to existing regulations to promote transparency and accountability in the sector.
The Permanent Secretary further noted that ethical conduct would create a level playing field, attract investment, and strengthen Nigeria’s credibility with international partners. He assured stakeholders that their inputs would be considered in the formulation of policies aimed at enhancing compliance and supporting legitimate business operations.
In a remark, the Central Bank of Nigeria (CBN) reaffirmed its commitment to supporting the ministry in the implementation of trade policies and import-related initiatives. Dr Musa Nakorji, Director of Trade and Exchange at the CBN, commended the ministry for organizing the sensitization program, describing it as a vital platform for stakeholders in the import value chain. He stated that the CBN remains a strategic partner in trade policy formulation and implementation, adding that issues raised at the forum would be forwarded to appropriate authorities for necessary action.
Nakorji reiterated the bank’s readiness to collaborate with relevant stakeholders to ensure the effective implementation of trade policies in the country. NAN reports that stakeholders, including the Nigerian Customs Service, NIPC, SON, CBN, NAFDAC, the Importers Association, and the Nigeria Agricultural Quarantine Service (NAQS), among others, attended the event and presented papers.