Joyce Mmereole Okoli
In a recent statement, the President of the National Association of Government Approved Freight Forwarders (NAGAFF), Chief Tochuwku Ezisi, called on members to swiftly integrate strategies into their business plans to accommodate the Central Bank of Nigeria’s (CBN) adjusted import duty exchange rate, which decreased from ₦1,405/$ to ₦1,364/$.
Chief Ezisi expressed his concerns regarding the consistent rise in import duty exchange rates over the past year, emphasizing the challenges faced by an import-dependent economy. He highlighted the need for governmental intervention to alleviate burdens on freight forwarders and shippers alike.
Ezisi welcomed the recent reduction in the exchange rate, acknowledging the relief it brought to stakeholders. However, he urged the Federal Government to further decrease the exchange rate to facilitate the timely clearance of cargo at ports, preventing them from becoming overdue and facing potential auctions.
Expressing empathy for businesses affected by delayed cargo clearance, Chief Ezisi stressed the importance of collective efforts to address challenges in the freight forwarding industry, including issues caused by terminal operators, shipping companies, and government agencies.
“It gave me some relief when my stock exchange manager called to give me the good news that the exchange rate came down from ₦1,405/$ to ₦1,364/$. The shippers are grateful, but like Oliver Twist, we are appealing to the Federal Government to still bring down this exchange rate to enable us all clear backlogs of cargoes at the ports so that they would not become over time cargoes”.
“Each time I see Shipper’s cargoes being auctioned because of the issue of non-payment of statutory fees and cargoes become over time, someone somewhere is dying of heart attacks or at least is sent out of business. Even though some of the mistakes and delays in cargo clearance are from Terminal Operators and Shipping Companies and in some cases Government agencies, we would continue to put up with it until sanity returns”, he said.
Amidst these economic uncertainties, Chief Ezisi extended heartfelt Easter greetings to NAGAFF members and all freight forwarders. He encouraged reflection on the significance of Easter during challenging times, urging resilience and faith amidst Nigeria’s current economic hardships.