Manufacturers lament over N5 billion loss of goods

Local manufacturers and exporters have continued to lament over the land border closure policy of the Federal Government as they disclosed that over N5 billion had been lost in respect of imported materials waiting to enter the country. 

The disclosure came from manufacturers under the Manufacturers Association of Nigeria Export Promotion Group (MANEG) as they demanded that goods with fully paid duties be allowed into the country. 

New Telegraph reported that the manufacturers noted that releasing the goods would enable them offset credit facilities procured for the business. According to the report, over 1,000 trucks with containerized goods valued at about hundreds of billion of naira belonging to members of MANEG are still trapped at the borders despite payment of duties and tariffs. 

Chief Ede Dafinone, President of MANEG, while speaking on the Government’s border policy, made known that it had brought hardship to traders, importers and exporters in the country. He said his members’ goods trapped at the border with full duty paid had surpassed N5 billion. 

He said that the border closure period remains one of the most disastrous periods for his members trading across borders because it had really affected and slowed down their business. 

“We (exporters) are keen to support any Federal Government’s initiative that will enhance the growth and development of the Nigerian economy. But the closure of the border to prevent legal trade punishes exporters and importers and we see no reason why genuine exporting companies will be punished this way,” Dafinone said.

What you should know: So far, seizure of goods since the closure has hit N3.5 billion in financial value. Some of the items seized include 38,743 bags of parboiled foreign rice; 514 vehicles; 1,012 drums filled with petrol; 5,400 jerrycans of vegetable oil; 346 motorcycles; 10, 553 jerrycans of petrol and 136 bags of NPK fertiliser used for making explosives. 

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