The Nigeria Customs Service’s Kirikiri Lighter Terminal has linked the decline in import volume to the impact of monetary policy.
According to a statement from the command’s Customs Area Controller, Timi Bomordi, the command collected N10 million from imported commodities, which accounted for 77% of their anticipated revenue for the quarter.
“So far, in the first quarter, the command has collected a total of N10bn. This amount represents 76.87 per cent of its expected revenue for the quarter. While we acknowledge the impact of monetary policy changes and the effect of exchange rates on business, the overall effect has been a downturn in import volume, hence the command’s performance.”
He continued by saying that the command has set a 2023 income target of N55 billion.
“However, all hands are on deck to safeguard and protect all revenue accruable from import and export trade. To this effect, demand notices to the tune of N68.5m have been raised to shore up the shortfall in revenue.”
According to him, “KLTC was used as a transit center for exports prior to this period. However, with the creation of an export processing terminal, all export procedures have started in the command, and an increase in export volume is predicted.
Approximately 6,000 twenty-foot equivalent units may be handled by the command, according to Bomordi, but less than 10% of that capability is now being used.
“KLTC has an installed capacity of handling about 6,000 TEUs, but currently it is functioning at less than 10 per cent of its installed capacity and there is a lot of room for growth. With the commissioning of a few new terminals and the promise of increased cargo allocation, we are hopeful of a positive turnaround in activities both for imports and exports as we believe that as trade volume increases, so will the revenue profile.
“Kirikiri Lighter Terminal Command has a strategic advantage over other ports in Lagos. Its unique location allows for immediate entry and exit, unlike other ports where there is an average waiting time of seven days.
Its main barrier is the draft, which prevents seagoing vessels from directly berthing. The advent of lighter ocean-going barges with a capacity of more than 200 TEUs has recently solved this problem
