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Maritime expert attributes high cost of goods, foodstuffs in markets to  use of floating exchange rates for customs duty 

Amiwero
–-advocates use of special exchange rate to ease harsh economic conditions in Nigeria 
Funso Olojo
Lucky Eyis Amewero, maritime consultant and President,  National Council of Managing Directors of Licensed Customs Agents (NCMDLCA) has expressed worry over the use of floating exchange rates to calculate customs import duties.
While faulting the method which he believed has contributed in no small measures to the current high cost of goods in the markets, Amewero asked the Federal government through the Central Bank of Nigeria (CBN) to adopt a special exchange rate for the payment of customs duty.
In his letter dated July 27th, 2024 and addressed to President Bola Ahmed Tinubu and copied to the Secretary to the Federal Government of Nigeria, Minister of Finance, Governor of Central Bank of Nigeria (CBN) and the Comptroller General of Nigeria Customs Service,  Amewero attributed the soaring prices of foodstuffs in the market to the use of floating exchange rate for payment of customs duty.
He also claimed that the use of a floating exchange rate to calculate customs import duties has created uncertainties around the clearance of goods at the ports.
“We once more bring to the attention of the Federal Government the difficulties faced by the Nigeria public, soaring price of goods in the market due to the floating exchange rate used in computing Import duty, which has adversely affected importation drastically,  transportation, food stuffs, which is very difficult to come by, especially the downtrodden who live from hand to mouth and have nothing to fall back on.
“As a member who served in various Federal Government Committee, which includes:
Presidential Task Force on the Reform of Nigeria Customs Service, Presidential/ Central Bank Committee on Destination Inspection, Presidential Committee on the Realization of 48 Hours Clearance, Presidential Committee on Port Problems, Ministerial Committee on Import Clearance Procedures and Implementation of Fiscal Policies, Inter-ministerial Committee/Taskforce on the review of Port Charges,  National Facilitation Committee of FAL/IMO  just to mention a few.
“We are much concerned about the uncertainties built around the clearance of goods, on the application of exchange rate from the liberalized floating FOREX market, creating an abnormal increase in the final sales of the price of goods, which is largely driven by inconsistent, unpredictability that adversely affect the Nigerian Traditional market and its citizen, as stated in your circular TED/FEM/PUB/PC/1001/007 OF February 23, 2024.
“There are two legs of the processes in the purchase of FOREX and Payment of Import duty
“(1)  to purchase FOREX from the liberalized market and
(2) The calculation of the Import duty payment for Domestic tax
“The liberalization of the FOREX on floating exchange rate principle, has major concerns of imports of goods and service, in the irregular and high exchange rate that has adversely affected the general well-being of Nigerians, which has trigger economic effect.
“As a result of the effect, there is a need to manage the home front by adopting measures that will remove uncertainties, unpredictability and inconsistency in the application of the Rate of exchange, so as to stabilize the domestic trading Environment, that is volatile.
” As a result, many importers are afraid to go in for further shipment, especially sourcing for FOREX  and at the same time sourcing for payment of Import duty using the same exchange rate.
“This has adversely affected the Manufacturing sector, Small and Medium scale sector, informal sector of the economy, and the Traditional Market where the majority of items are either not available or people are limited with purchasing power to purchase them.
“To bring back the economic life of the nation, there is the need to adopt manageable stabilized exchange rate for the Payment of Import duty, so as to trigger the economy on the trading front and generality of Nigerians” Amewero concluded.
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Headlines

NIWA partners ICPC to strengthen internal transparency in its operations  

Gloria Odion, Maritime Reporter 
The National Inland Waterways Authority (NIWA) has announced new strategies aimed at improving its operational system and enhancing collaboration with key stakeholders as part of efforts to boost efficiency and accountability.
Speaking at a post event Press Conference at NIWA Headquarters Lokoja, the Acting Managing Director, Umar Yusuf Girei, while answering questions from journalists stated that, the organization convened a two -day Executive and Anti-Corruption training with the theme “Strengthening Integrity and Revenue System in Inland Waterways Management” organized for Board Members, Management and Area Managers and also 2026 NIWA Management Retreat in Abuja.
The Acting MD noted as part of the Renewed Hope Agenda of President Bola Ahmed Tinubu,with the support  Adegboyega Oyetola, Minister of Marine and Blue Economy, the Authority is focused on aligning institutional goals in ensuring better service delivery to Nigerians.
He further said, as part of its anti-corruption drive, the Management held discussions with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to explore measures for strengthening transparency within its operations.
Girei therefore, assured staff that the ongoing reforms under his watch would translate into improved service and better working conditions.
“NIWA remains committed to continuous improvement and stakeholder engagement and the reforms are expected to enhance both internal performance and public confidence”. he stated.
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Headlines

Navy appoints new Maritime Guard Commander for NIMASA 

Gloria Odion,  Maritime Reporter 

The Chief of the Naval Staff, Vice Admiral Idi Abbas, has approved the appointment of Commodore Reginald Odeodi Adoki as the Commander of the Maritime Guard Command at the Nigerian Maritime Administration and Safety Agency (NIMASA).
Commodore Adoki takes over from Commodore H.C Oriekeze who has been redeployed.

Commodore Adoki, a principal Warfare Officer specializing in communication and intelligence,  brings onboard 25 years experience in the Nigerian Navy covering training, staff and operations.

 As a seaman, he has commanded NNS Andoni, NNS Kyanwa and NNS Kada.
It was under his command that NNS Kada under took her maiden voyage, sailing from the country of build (the United Arab Emirates) into Nigeria.
He was commissioned into the Nigerian Navy in 2000 with a BSc in Mathematics.
 He has since earned a Masters in International Law and Diplomacy from the University of Lagos and an M.Sc in Terrorism, Security and Policing at University of Leicester, England.
He is currently pursuing a Ph.D in Defence and Security Studies at the National Defence Academy (NDA).
He is a highly decorated officer with several medals for distinguished service.

Welcoming the new MGC Commander to the Agency, the Director General, Dr Dayo Mobereola, expressed confidence in Adoki’s addition to the team, emphasising that it will further strengthen the nation’s maritime security architecture given his vast experience in the industry.

The Maritime Guard Command domiciled in NIMASA was established as part of the resolutions of the Memorandum of Understanding (MoU) with the Nigerian Navy to assist NIMASA strengthen operational efficiency in Nigeria’s territorial waters, especially through enforcement of security, safety and other maritime regulations.

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Customs

Customs collects N1.585 trillion from 51 compliant traders under AEO programme 

Funso OLOJO,  Editor 
The Authorized Economic Operator (AEO), one of the trade facilitation tools introduced by the Nigeria Customs Service in 2025, has begun to yield bountiful harvests with the revenue growth of ₦362.79 billion recorded in 2025.
According to the AEO scorecard released by the Service, the facilitation tool grossed the sum of N1.585 trillion after certification, an increase revenue from N1.222 trillion before certification.
This represents the growth of N362.79 billion(29.68 per cent) for 51 AEO – certified entities as at October, 2025.
The Programme, according to the NCS,  also contributed 21.77% to its total revenue collection of ₦7.281 trillion in 2025, while customs duties paid rose by 85.66% due to enhanced compliance and increased volumes of legitimate trade.
According to AEO Monitoring and Evaluation (M&E) Report, the Programme achieved an average compliance rate of 85.45 per cent with the highest at 100 per cent and the lowest at 60 per cent.
“The evaluation applied rigorous methodologies to ensure objectivity, transparency, and alignment with the World Customs Organisation (WCO) SAFE Framework of Standards and the provisions of the Nigeria Customs Service Act, 2023.
“In the area of trade facilitation, AEO participation reduced average cargo clearance time from 168 hours to 41 hours, representing a 75.60% time saving.
“Company operating costs declined by 57.2 per cent while demurrage payments dropped by 90 per cent, limiting capital flight to foreign-owned port service providers and strengthening foreign exchange retention.
” Overall trade efficiency improved by 77.11 per  through digitalisation, simplified procedures, and targeted risk management” the Customs declared in the AEO scorecard.
However, the Service singled out with Eight companies for commendation due to their integrity and compliance under the programme.
The companies include Coleman Technical Industries Limited, WACOT Rice Limited, ROMSON Oil Field Services Ltd, WACOT Limited, Chi Farms Ltd, CORMART Nigeria Ltd, PZ Cussons Nigeria Plc, Nigerian Bottling Company Limited and MTN Nigeria Communications Plc.
The Service lauded them for a cumulative voluntary remittance of over a billion naira into the Federation Account following their self-initiated transaction review and disclosure.
“These actions reflect the strengthening of post-clearance audit mechanisms and a growing culture of voluntary compliance within the trading community.
Nevertheless, the Service suspended a firm under the programme for its non- compliance and display of lack of integrity.
The suspended firm engaged in false declaration of consignments contrary to programme obligations.
“Consequently, the Comptroller-General of Customs, Bashir Adewale Adeniyi, directed the immediate suspension of the company’s AEO status in accordance with the AEO Guidelines, the WCO SAFE Framework of Standards, and Section 112 of the Nigeria Customs Service Act, 2023.
The NCS reiterated that the AEO Programme is founded on trust, transparency, and continuous compliance.
“While compliant operators will continue to benefit from expedited clearance and reduced inspection, appropriate sanctions will be applied where violations are established.
“The Service remains resolute in safeguarding national revenue, facilitating legitimate trade, and preserving the integrity and global credibility of Nigeria’s AEO framework” the NCS concluded in the report.
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