A collaboration between the Nigerian Export Promotion Council (NEPC), the Akwa Ibom State Committee on Export Promotion, and the Nigerian Customs Service has underlined the significance of prioritizing proper documentation in the export industry to drive cross-border trade.
Delivering this message in Uyo during the inaugural phase of the Strategic Stakeholders’ Engagement focused on Mainstreaming Cross-Border Trade, themed “Mainstreaming Informal Trade and Data Collection for Enhanced Economic Development,” the stakeholders emphasized the essential role of accurate data collection in formalizing cross-border trade.
At the meeting, NEPC’s Chief Executive Officer, Mrs. Nonye Ayeni, highlighted the critical importance of robust data collection processes in enhancing cross-border trade, aiming to mitigate the challenges faced by informal traders who often incur additional costs due to inadequate documentation.
According to Ayeni, “Export operations necessitate meticulous procedures and documentation that must be diligently planned, carried out, and monitored at every stage. Proper segregation, packaging, and clear labeling with all necessary indicators are imperative for seamless processes.”
Participants were urged to engage in exhaustive discussions addressing the challenges related to informal trade while exploring avenues to formalize data collection and other pertinent aspects of cross-border trade.
In parallel, the Representative of the Nigerian Customs Service, Assistant Comptroller Mr. J Bassey, reiterated the importance of adhering to proper documentation and robust data collection to ascertain the magnitude of trade activities within the country.
State Commissioner of Trade and Investment, Dr. John Etim, acknowledged the economic contributions of informal trade in bolstering the economy and supporting families. However, he lamented the lack of reliable data on the volume, variety, and geographical distribution of these informal trade practices, hindering the government’s ability to collect taxes and levies.
Etim emphasized, “Informal trade sustains economies globally, providing livelihoods and income for families. Yet, the absence of comprehensive data complicates revenue collection by government agencies through taxes and levies. This underscores the need to formalize informal trade for effective governance and revenue generation.”