Customs, World Bank partner on trade compliance

The Nigerian Customs Service has partnered with the World Bank to enhance trade compliance in the country. The collaboration is aimed at creating a more conducive business environment and promoting international trade. According to the Comptroller General of Customs, Hameed Ali, the partnership will focus on improving compliance with international customs regulations. This includes the adoption of a risk-management system, implementation of a single-window platform, and capacity building for Customs officers. The World Bank Country Director for Nigeria, Shubham Chaudhuri, stated that the partnership aligns with the Bank’s objective of promoting sustainable economic growth and development in the country. He emphasized that customs plays a crucial role in trade facilitation, hence the need for strong collaborations that drive compliance. This partnership comes at a time when Nigeria is actively seeking to improve its ranking on the World Bank’s Doing Business report. The country currently ranks 131st out of 190 countries, with poor trade and customs regulations cited as a major hindrance to business operations. With this collaboration, the Nigerian Customs Service hopes to streamline its processes, reduce trade barriers and eliminate corrupt practices that hamper international trade. The partnership also aims to improve the ease of doing business in Nigeria, which will attract more foreign investments and boost the country’s economic growth. It’s important to note that trade compliance is crucial to ensuring that goods are safe for consumption and don’t pose a threat to national security. With the World Bank partnership, the Nigerian Customs Service is taking steps to ensure that the country remains a safe and thriving hub for international trade.