Speaker of the House of Representatives, Dr. Tajuddeen Abbas, has advocated for urgent reforms in Nigeria’s maritime and trade sectors to enhance trade and attract investment.
Dr. Abbas made the statement while receiving a delegation from the Presidential Enabling Business Environment Council PEBEC on a courtesy visit to his office in Abuja.
The Speaker who was worried on the inefficiencies and bureaucratic challenges at the nation’s borders said it has contributed immensely in pushing businesses and shipping activities to neighbouring West African countries.
“I feel really sad that, in some areas, we in Nigeria are doing things differently. I hear complaints about customs bureaucracy and port regulations. The cost and time required to ship goods into Nigeria are, in some cases, double those in neighbouring countries,” the Speaker said.
He also referenced feedback from his recent official visit to Morocco, where concerns were raised over delays and bureaucratic bottlenecks in trade between the two countries.
Dr. Abbas noted that more than 75% of goods offloaded in the Benin Republic are reportedly destined for Nigeria, a situation he described as unfortunate.
He assured the delegation that the House would support proposed reforms, particularly those involving the Financial Reporting Council of Nigeria (FRCN) Act and legislative frameworks affecting Free Trade Zones under the Tax Reform Bills.
The speaker confirmed that the House and Senate had recently constituted a Conference Committee to harmonise versions of the Tax Reform Bills passed by both chambers.
The House would be inviting PEBEC and the committee chair to further examine the proposals, especially as they relate to Nigeria’s commitments to foreign investors in Free Trade Zones, he added.
Leader of the delegation Princess Zara Mustapha Audu, and the Director-General, Presidential Enabling Business Environment Council PEBEC presented a letter from the office of the Vice President Kashim Shettima, requesting legislative support for enforcement of the FRCN Act.
COV : TSIBIRI
