By Becky Usman

In response to the escalating foreign exchange rates, the Nigeria Customs Service (NCS) has revealed that numerous vehicle importers have left thousands of imported second-hand vehicles stranded at the seaport.

During a courtesy visit by members of the Association of Nigerian Licensed Customs Agents (ANLCA), the Customs Area Controller of the Tin Can Island Command, Comptroller Dera Nnadi, expressed concern about the continuous decline in cargo throughput at the command.

Comptroller Nnadi pointed out that the number of vehicles arriving at the command has dwindled significantly, falling from 32,000 in 2018 to a mere 4,000 units in 2023. He attributed this decline to the inability of vehicle owners to clear their imports due to the high exchange rates.

He recounted an exchange with importers: “Why did you import when you don’t have money to clear? But somebody reminded me that the vehicles were imported believing that they were going to exchange money at N420, and suddenly, it is N770, and the owners in America abandoned them, saying, ‘we can’t clear them, let them remain there.'”

Comptroller Nnadi also cited the Russia/Ukraine crisis as a factor affecting imports in the country, as bulk cargoes from that region ceased to arrive. He further mentioned other challenges, including a drop in vehicle importation, high exchange rates, and past trade policies, including the floating of the naira.

Despite the challenges, Comptroller Nnadi revealed that he has been tasked with generating N350 billion in revenue in the remaining three months of the year. He acknowledged the potential negative impact on importers if revenue collection were aggressively pursued and emphasized the importance of maximizing integrity and ensuring correct duties are paid to reduce disputes and demurrage costs.