Senior official of the Nigeria Customs Service (NCS), Assistant Comptroller Clement Amaweh, has emphasized the importance of cross-border trade (CBT) in improving Nigeria’s economy......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
Amaweh, who heads the Ohumbe Outstation in Yewa North, made this statement during a lecture at the Festival of Art for Economic Development. The event, which took place in Idiroko, Ogun State, focused on the theme: “Cross-Border Trade: Why It Matters.”
During his speech, Amaweh explained that Nigerians need to focus on exporting goods through legal trade channels. This will help the country earn foreign exchange (Forex), which is crucial for stabilizing the economy.
Why Cross-Border Trade is Important
Amaweh highlighted several benefits of increasing exports through cross-border trade. These include:
Reducing inflation – Exporting more products will bring in foreign currency, helping to control rising prices in Nigeria.
Attracting Foreign Direct Investment (FDI) – More structured trade will encourage investors from other countries to do business in Nigeria.
Creating more jobs – When businesses have access to a larger market, they can expand and hire more workers.
Challenges Facing Cross-Border Trade in Nigeria
Amaweh noted that one major problem with cross-border trade in Nigeria is the lack of proper documentation. Many traders conduct informal business without keeping records, which leads to a loss of government revenue and makes it difficult to track trade statistics.
He suggested that simplifying and standardizing the customs clearance process will encourage more traders to register their businesses properly. This would ensure accurate trade records and bring more revenue to the country.
Another major challenge is policy inconsistency. Frequent changes in government policies discourage traders from engaging in cross-border trade and, in some cases, push them toward smuggling.
Need for Policy Reforms and Regional Cooperation
Amaweh pointed out that several factors make cross-border trade difficult, including complex policies, porous borders, differences in language, and varying currencies among neighboring countries.
Earlier in the event, the Area Comptroller of Ogun 1 Area Command, Mr. Mohammed Shuaibu, explained that in today’s global economy, cross-border trade serves as an important link between nations.
According to him, strong trade partnerships help businesses expand, promote innovation, and improve the variety of goods and services available to consumers.
The Role of Culture in Trade
Dr. Bonny Abisogun, the organizer of the event, explained that the Festival of Art for Economic Development was not just about celebrating creativity. It was also an opportunity to discuss how cultural and economic ties can help nations grow together.
Abisogun stressed that cross-border trade is essential because it allows countries to share resources, ideas, and innovations while creating jobs and expanding market access.
He encouraged Nigerians to take advantage of these opportunities, emphasizing that trade is not just about selling goods—it’s also about building long-term economic and cultural connections.