In a significant move towards improving Nigeria’s trade facilitation system, the Time Release Study (TRS) has been launched at the Tin-Can Island Port in Lagos, bringing Nigeria into alignment with major global economies such as the United States, the European Union, and Asia. The launching event, held in Lagos, symbolized Nigeria’s dedication to simplifying customs procedures and creating an enabling atmosphere for international trade. Minister of Finance, Mr. Wale Edun, highlighted that President Bola Ahmed Tinubu remains steadfast in his dedication to reviving the economy and cultivating a favourable business-friendly environment, and also harmonized with the administration’s renewed agenda.
Edun revealed that the message relayed to him by the Comptroller General of Customs highlights TRS as a globally-utilized World Customs Organization (WCO) instrument facilitating the alignment of diverse Customs clearance operations and protocols. The incorporation of TRS into the Federal Government’s renewed hope agenda underscores President Bola Ahmed Tinubu’s unwavering dedication to unleashing comprehensive economic resurgence for the nation. TRS revolutionizes the strategies for cultivating a supportive sphere for enterprises, while simultaneously excelling in offering top-notch economic collaboration solutions. Establishing a conducive harbour atmosphere plays a pivotal role in expediting global commerce.
This strategic undertaking strives to enhance trade facilitation.
He urges all individuals and parties involved in the port to unite with Customs in order to guarantee the triumph of the TRS. On his part, during the launching event, the Comptroller General of Customs, Adewale Adeniyi, stressed the significance of TRS in offering in-depth knowledge about the efficacy of Customs operations, thereby contributing to the achievement of national development objectives. The data-driven initiative endorsed by the CGC greatly assists stakeholders in pinpointing hurdles and inefficiencies with precision. Consequently, this leads to an elevation in trade efficiency while simultaneously fostering economic development.
Adeniyi acknowledged the obstacles encountered in Nigeria’s previous endeavours to carry out TRS exercises, resulting from a dearth of cooperation amongst pertinent agencies. Nevertheless, he remains hopeful about the present project, utilizing knowledge acquired from past encounters to guarantee triumph. This strategic undertaking strives to enhance trade facilitation, align with international standards, and significantly contribute to the nation’s development. TRS is of utmost importance when it comes to evaluating and improving trade facilitation. It accomplishes this by offering comprehensive information about the effectiveness of our operational procedures.
Introduction of TRS in Lagos exemplifies Customs’ dedication.
To meet the demands of our ever-changing and vibrant surroundings, it is crucial to promptly and flexibly address emerging needs. Embracing a scientific and data-focused methodology is of utmost importance, not only for customs authorities, but also for all parties engaged in global trade. Given the intricate nature of today’s trade landscape, conventional assessment techniques often prove inadequate in pinpointing obstacles and inefficiencies within the entirety of the trading domain. With TRS methodology, we gain access to a methodical and exact examination that allows us to pinpoint areas where enhancements can be made with utmost precision.
Our findings become more credible and dependable through the implementation of this scientific approach, guaranteeing that our endeavours to improve trade facilitation are precise and impactful, Adeniyi said. Embracing these methodologies enables stakeholders to join forces in enhancing trade efficiency and fostering wider economic growth. He further emphasized that the introduction of the TRS in Lagos exemplifies the Nigeria Customs’ dedication to enhancing Customs operations and trade facilitation within the country. As part of its continuous endeavours to boost trade and enhance government revenue, he mentioned that NCS is integrating the Authorized Economic Operators (AEO) program, Advanced Ruling, and establishing a Customs Laboratory.
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The involvement of the WCO in backing these initiatives showcases our unwavering commitment to augmenting the efficacy of trade and fostering economic expansion and domestic progress through joint efforts, inventive techniques, and tactical approaches. Adeniyi expressed deepest appreciation to the Secretary-General (SG) of the WCO for their invaluable support, allocation of resources, and profound expertise in propelling these initiatives forward. The Customs CG highlighted the crucial role played by the association with the WCO in guaranteeing the triumph of the endeavours to modernize customs operations and improve trade facilitation within Nigeria.
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