Post by account_disabled on Nov 6, 2017 8:19:41 GMT 1
hello,
Due to the foreign exchange scarcity and the declining value of the naira, many Nigerian importers have shifted their focus to the export trade, mainly timber and solid minerals.
The President of the Shippers Association of Lagos State, Mr. Jonathan Nicol, in an interview with SUNDAY PUNCH, said the development arose due to the current unprofitable nature of importation business.
He said, “What many of us are simply doing is going into some aspects of export, to cover for the period of lull in imports. There was a time when many importers were moving into the timber trade; that is the exportation of untreated wood.
“They invested so much in the purchase of untreated logs, which were being exported until the customs stepped in. You know the exportation of untreated wood is prohibited in Nigeria. Those involved were caught and the comptroller-general of Customs warned them. After that incident, I expect things would be slow in that area.”
Nicol added that the solid mineral sector was another area of interest for importers, some of whom had already applied for prospecting licences.
Due to the foreign exchange scarcity and the declining value of the naira, many Nigerian importers have shifted their focus to the export trade, mainly timber and solid minerals.
The President of the Shippers Association of Lagos State, Mr. Jonathan Nicol, in an interview with SUNDAY PUNCH, said the development arose due to the current unprofitable nature of importation business.
He said, “What many of us are simply doing is going into some aspects of export, to cover for the period of lull in imports. There was a time when many importers were moving into the timber trade; that is the exportation of untreated wood.
“They invested so much in the purchase of untreated logs, which were being exported until the customs stepped in. You know the exportation of untreated wood is prohibited in Nigeria. Those involved were caught and the comptroller-general of Customs warned them. After that incident, I expect things would be slow in that area.”
Nicol added that the solid mineral sector was another area of interest for importers, some of whom had already applied for prospecting licences.
