Implementation of the Treasury Single Accounts (TSA) will not affect shipping operations in Nigeria negatively, Shipping Association of Nigeria (SAN) declared.
According to the group, shipping is an international trade that requires movements from one part of the world to the other to keep obligations.
Speaking in Lagos last week, Chairman of the association, Val Usifoh explained that the policy might initially cause delay in financial transaction, adding that the Federal Government policy is designed principally to tackle alleged corruption in the system.
He maintained that the policy will tackle alleged corrupt movement of money and ensure transparency in business transactions, while he blamed previous policy summersaults, especially in the maritime sector, for the challenges confronting stakeholders, noting that TSA will not affect import and export operations..
Usifoh reiterated that inconsistency in policy implementation in the past is responsible for the decline in the volume of imports into the country.
He explained that the Federal Government’s policy on rice, automotive industry and the Central Bank of Nigeria (CBN) Foreign Exchange (FOREX) restriction on certain products make it difficult for stakeholders to plan ahead.
He said: “People need to plan ahead. Business should be predictable so that when you are making investment, medium or long term, you are sure of where you are going. Importation is on the low ebb, business is down for everybody and if it is down for the importer it is down for the ship owner. It is a global trend but we are feeling it more because we are import dependent in the economy. When people cannot predict where to move their investment, it will be difficult to programme