The Speaker of the House of Representatives, Abbas Tajudeen, has expressed concern over reports that more than 75 per cent of goods destined for Nigeria are being offloaded in the Benin Republic.

Abbas made this disclosure while receiving a delegation from the Presidential Enabling Business Environment Council in his office on Wednesday, as stated by his media aide, Musa Abdullahi Krishi.

He urged for economic reforms to tackle bottlenecks in Nigeria’s maritime import and export processes.

“Speaker Abbas raised the alarm over reports that countries are avoiding shipment to Nigeria, noting that some reports indicate over 75 per cent of imported goods offloaded in the Benin Republic are actually meant for Nigerian destinations,” the statement partly reads.

During the meeting with PEBEC, the Speaker lamented that Nigeria is losing substantial revenue to neighboring West African countries as a result of administrative challenges at its borders.

The Speaker assured PEBEC that the House will prioritize the council’s requested reforms, especially the enforcement of the Financial Reporting Council of Nigeria Act and the protection of investors in Free Trade Zones within the Tax Reform Bills.

“I feel really sad that we in Nigeria, in some areas, are doing things differently. Even from our neighbours here in West Africa, I hear complaints about customs bureaucracy and clearance. I hear about the shipping industry and ports regulatory authorities. All these are taking so long to provide, and the costs of even bringing in products to Nigeria-in some instances doubling what they collect (as duty) in our neighbouring countries.

“I think those are serious and major areas that your agency (PEBEC) needs to actually pay attention to. There is so much you can do by looking at our regulatory bodies, particularly those responsible for international business and trade, and see what you can do to make the Nigerian environment more competitive,” the Speaker said.

The Speaker highlighted his recent visit to Morocco, where officials there criticized the bureaucratic delays affecting the import and export processes between Nigeria and Morocco.

He emphasized that resolving these shipping system issues would benefit both the Nigerian government and foreign investors.

“We will take action immediately,” the Speaker assured PEBEC.

Abbas added that reviews will be carried out to ensure Nigeria honors past agreements with foreign investors in the Free Trade Zones.

He also revealed that he receives daily complaints from the private sector and foreign investors about bottlenecks affecting various areas of Nigeria’s economy.

The Director-General of PEBEC, Princess Zara Mustapha Audu, handed Speaker Abbas a letter from the Vice-President’s Office requesting the House’s legislative intervention on the Financial Reporting Council of Nigeria.

She explained there have been challenges in the economic environment due to the implementation of the new FRCN Act, highlighting a stand-off between the FRCN and private sector operators.