Trade Modernisation Project to Boost Cargo Clearance and Revenue – TMP President

Tajudeen Alao, President of the Nigerian Association of Master Mariners, has endorsed the Federal Government’s Trade Modernisation Project (TMP), highlighting its potential to expedite cargo clearance at the nation’s ports.
Speaking in Lagos, Alao noted that this initiative would not only enhance Internally Generated Revenue but also improve Nigeria’s global visibility.
Alao stressed the importance of embracing technology to stay competitive in the global market, citing Singapore’s technological transformation led by former President Lee Kuan Yew as a model for Nigeria.
“More than 30 years ago, when Singapore grew from a third-world country to a first-world country, the President, Mr. Lee Kuan Yew, led the drive for technology awareness, and now look at where Singapore is today in terms of technology. So, Nigeria must make more efforts to keep abreast with technological advancements worldwide,” Alao said.
He emphasized the TMP’s role in modernizing customs clearance procedures, which would significantly increase revenue generation. “Consider the time when we had to carry files around; now everything is done through ICT. Nigeria must modernize, and I am glad this initiative is underway,” he added. Alao underscored that fostering a conducive trade environment is essential for economic growth.
Ahmed Ogunshola, General Manager of the Trade Facilitation Project, outlined the benefits of the Customs Modernisation Project (CMP) once fully automated. The Federal Government signed a 20-year Concession Agreement with Trade Modernisation Project Limited on May 30, 2022, to implement paperless customs operations.
Ogunshola explained that the TMP would streamline the business processes of the Nigeria Customs Service, simplifying import and export clearances, duty payments, and the release of goods. “The project will simplify and enhance the experience of stakeholders in the trade value chain,” he said, adding that a significant advantage of the project would be the substantial increase in the federal government’s revenue profile.
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