Customs blame monetary policy for lower import volume

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The Nigeria Customs Service’s Kirikiri Lighter Terminal attributed the drop in import volume to the effect of monetary policy.

A statement signed by the Customs Area Comptroller in charge of the command, Timi Bomordi, said the command had collected a total of N10 million from imported goods, adding that the amount represented 77% of its expected revenue for the quarter.

So far in the first quarter, the order has raised a total of N10 billion. This amount represents 76.87% of its expected revenue for the quarter. While we recognize the impact of monetary policy changes and the effect of exchange rates on businesses, the overall effect has been a decline in import volumes, hence the order performance.

He added that the order had an expected revenue target of N55 billion for the year 2023.

However, everyone is on deck to safeguard and protect all income from import and export trade. To this effect, demand notices of up to 68.5 million naira have been raised to make up the shortfall.

According to him, before this period, KLTC was used as a transit hub for exports. However, since the establishment of an export processing terminal, all export procedures have since started in the command with an expected increase in export volume.

Bomordi said the command had an installed capacity to handle around 6,000 twenty-foot equivalent units, but was currently operating at less than 10% capacity.

KLTC has an installed processing capacity of approximately 6,000 TEUs, but it is currently operating at less than 10% of its installed capacity and there is plenty of room for growth. With the commissioning of some new terminals and the promise of increased freight allocation, we expect a positive turnaround in business for both imports and exports, as we believe that as the volume of trade increases , the income profile will also increase.

Kirikiri Lighter Terminal Command has a strategic advantage over other ports in Lagos. Its unique location allows for immediate entry and exit, unlike other ports where the average waiting time is seven days.

Its main obstacle is the draft, which limits the direct berthing of ocean-going vessels. This challenge has recently been overcome with the introduction of lighter ocean-going barges with a displacement capacity of over 200 TEUs.

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