Trade Facilitation: Minister Launches Time Release Study

. . . Urges Customs to collaborate with stakeholders

Harboursandport.com: Lagos - The Minister of Finance and coordinator of the economy, Wale Edun Thursday launched the Time Release Study, TRS, a tool to enhance trade facilitation and fully exploit the economic potential of the Marine and Blue Economy.

Minister of Finance & Coordinating Minister of the Economy, Mr. Wale Edun

The TRS which is a brain child of the Nigeria Customs Service, NCS, is expected to commence from the Tin-can Island Port.

The Minister who was represented by the Permanent Secretary of the Federal Ministry of Finance, Lydia Jafai, said that the study will create an enabling environment for businesses in addition to providing excellent services.

According to Edun, the country has been contending with issues in the economic environment adding that it has been characterized by heavy reliance on crude oil exports thereby exposing the nation to volatility of global oil price.

He said: "The current trend in the ports brings about lots of delays, increase in cost for businesses. The ports for example experience a lot of challenges of congestion due to inadequate infrastructure and lack of streamline procedures leading to prolonged clearance time for goods which impacts on the overall competitiveness of Nigerian businesses in the global markets.

"In addressing these challenges, comprehensive reforms, investment in modern infrastructure, improved regulatory framework and enhanced transparency and efficiency in the ports and borders control our operations.

"A conducive port environment is crucial for the facilitation of international trade, efficient Customs and other processes are paramount for achieving cost effective goods clearance, minimizing storage, demurrage,” he said.

Also speaking at the launch of TRS, Minister of Trade and Investment, Mrs Doris Uzoka Anite said that the government is steadfast in its commitment to foster an environment conducive to international trade.

Anite also said that the Time Release Study provides us with an opportunity to

gain insights into the factors influencing the timely release of goods at border

corridors as it will enable us to develop best practices and recommendations.

Speaking in similar vein, the Comptroller General of the Nigeria Customs Service, NCS, Mr. Adewale Adeniyi said that the Nigeria Customs was joining other Customs of the world to promote the growth of international trade.

Adeniyi also said that the TLS is coming with the support of World Customs Organization, WCO make the nation's seaports more efficient in its operations.

He said: "Today we are joining other Customs Administrations in the world that have embraced the tools developed by the World Customs Organisation (WCO), to promote the growth of international trade. The WCO remains steadfast in its commitment to advancing customs procedures through various instruments and tools, such as the Revised Kyoto Convention (RKC) and the World Trade Organization (WTO) Trade Facilitation Agreement (TFA). Among these initiatives is the Time Release Study (TRS), developed to provide comprehensive insights into customs operations' efficiency.

"Another significant milestone is reached today as we commence the TRS in Nigeria, with TINCAN ISLAND Port serving as our pilot location. The TRS  method is a systematic and standardized approach used to measure the total duration of time from the arrival of goods at the customs border until their release. 

"This initiative represents a critical step in our ongoing efforts to optimize the trading experience and customs operations in Nigeria. It is a strategic endeavour aimed at improving how we facilitate trade, ensuring alignment with international best practices, and contributing substantially to national development. TRS plays a crucial role in assessing and enhancing trade facilitation by providing detailed insights into the efficiency of our processes.

"Our dynamic and rapidly changing environment requires swift and adaptable responses to the needs as they arise. Adopting a scientific and data-driven approach is paramount not only for customs administrations but also for all stakeholders involved in international trade. With the complexities of modern trade, traditional evaluation methods often fall short in accurately identifying bottlenecks and inefficiencies across the entire trading environment,” he noted.