The Customs Area Controller of the Seme command, Comptroller Mohammed Uba Garba has said formal trade compliance by both importers and exporters will boost foreign exchange, economic growth and create employment for Nigerians especially at the Seme border.
Garba who disclosed this to Daily Sun at an exclusive interview at his Joint Border Post’s office in Seme, said that there are lot of benefits for compliance traders who engaged in formal trade rather than trying to do trade in illegal ways, which is smuggling that is dangerous to economic development.
For people to be compliance, he said the Seme Customs command has embarked on sensitizing, educating and enlightening people that government gives incentives to those who engage in formal trade.
He explained: “In order for people to be compliance enough, with explanation and exposure to other people. Like those people who engaged in smuggling, which is dangerous to our economy. Having explain to them, there certain incentives if you involve in importation. If you engage yourself in local production or sizable products for exports, government gives tax holidays. Customs does not collect revenue for export, instead, government gives you incentive of 30 per cent for the value of your products.
“With this public enlightenment, people trying to key in and abandon the illegal trade, which is smuggling and trying to come into formal trade. And the importance of formal trade is that, there is records and statistics. Government need records and statistics for planning of economic development.”
Speaking further, he said when the Joint Border Post here was built and commissioned by the two Head of States between Benin and Nigeria, initially local residence saw it as a draw back and stumbling block to their trade.
He said: “We explained to them that the purpose of this Joint Border Post is to integrate local economy, not to destroy. Having understood the concept they now accepted it. The system is now part of them. So in order to do that, people are educated and enlightened, they know what is required of them, they know the dos and donts. Anywhere they don’t understand, we explain to them within the limit of our knowledge.
Now, they key in into the system. So when people fully understand things, you are selling compliance to them.”
