Business

LCCI Wants Change In Nigerian Import Trade Act

LAGOS – The Freight Forwarders Group of the Lagos Chamber of Commerce and Industries (LCCI) has called on the Federal Government to change the country’s Import Trade Act from Cost Insurance and Freight (CIF) to Free on Board (FOB).

Mr. Las Alli Shobande, Deputy Chairman of the group made this call, saying that it would draw more shipping lines to Nigeria for establishment.

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He averred that with this, freight rates would no longer be paid abroad until the cargoes arrive safely in Nigeria.

He pointed out that if the Federal Government invokes changes in the trade policies, importers would only pay for the cost of the goods abroad, the freight rates would still remain in Nigeria and would be paid in Naira.

Speaking further, he said: “We still want the government to look into our Trade Act, goods should be FOB (Free On Board) not CIF (Cost Insurance and Freight) if goods are FOB and we start paying for our LC’s on FOB basis, you would find out that shipping lines would come to Nigeria.

“You would have the privilege of determining who carries your goods, and when you are paying for your goods, you only pay the cost of the goods to your manufacturer or supplier, you don’t give him the cost of the freight in advance.”

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The post LCCI Wants Change In Nigerian Import Trade Act appeared first on Independent Newspapers Nigeria.

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