FG called for the removal of export restrictions to support the naira.

Chief Executive Officer of Wealthy Honey Nigeria Limited and former Acting National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Dr. Kayode Farinto, has called on the Federal Government to tackle the barriers militating against export to strengthen the naira.…CONTINUE READING

Speaking with Daily Sun, Farinto said that there is need for the establishment of cargo rail to aid speedy movement of export goods from other part of the country to the destination port, saying effective cargo rail for export will strengthen the naira and enhance balance of trade.

“I have delved into export and besides the fact that it is capital intensive, the delay on export is not encouraging. Nobody wants to fix his money for another 90 days and there won’t be any results. If want to go into zobo exportation and I get supplies from Kano, before other loaded containers move from Kano to Lagos, it would take two months.

“If I’m on bank loan, what happens? These are things government needs to do and that is why our rail system must be functional now to complement the road if we must succeed in the area of export. The cargo rail must begin to function that is when it can meet up.

“If I have a rail line, I load my container on rail by the next three days is already in the port and I won’t have a situation. But when you waybill on road, the road is blocked, the stoppages and every state have a way of collecting taxes on consignments that are bringing in to the port, which is not too good for us. That is why if you must earn money on our export, government must be thinking towards this line; let us have a very new rail,” he added.

He said FG must bring in new rails that are supersonic and let it be cargo rails that will be dedicated for the movement of export cargo in the country.

“I prefer cargo rails than the passenger rails because that is what can help our economy. We have opportunity of exporting because there are too many mineral resources that can be exported, but moving them to the port is cumbersome,” he said.

“Government must see to it and that is where we can have balance of trade and that is the only thing that can strengthen Naira. Government must begin to focus now that the Ministry of Transportation balkanized. The Minister should focus on how we can have a cargo rail, simply for movement of cargoes from anywhere in the country. At least, on a weekly basis, two or three times in a week, you will see how the Naira will become stronger again.

“I went as far as investigate Sobo. It will cost me N25 million to export one by 40 feet container of Sobo. So if I now go to bank to ask for N25 million and I’m unable to pay under 90 days, how do I be in business?” he said.