A maritime expert wants the government to reduce tariffs on

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As the country is grappling with the effect of hyperinflation, King Shipping Trading Maritime Services Limited Managing Director/General Manager Bob Chukwuma Hyacinth has called on the Federal Government to urgently carry out a downward revision of tariffs on imported goods to check the high cost of living in the country.

In an interview with Daily Sun, he explained that the rate at which tariffs are imposed on goods is alarming and it has led to more than 100 percent increase in goods and services thus impoverishing the average Nigerian.

According to him, the high tariffs were pushing many people into bankruptcy, thus creating more crime and unemployment in the country, noting that if the trend is not checked, it will cause more economic hardship for the citizens.

“I am truly concerned, like all other Nigerians, about the high tariffs imposed on imported goods which have led to an increase in the price of goods and services. It has been steadily increasing daily, thus affecting the purchasing power of Nigerians. It is true that the government is doing this to encourage the growth of our local industries, but the negative effect has been enormous as at this time many families cannot afford the basic necessities of life.

“At the moment many importers are bankrupt and the few that still exist prefer to ship their goods via Cotonou and Lomé which is relatively cheap thus improving their economies and that is why I am asking the government to review this policy,” he said. He also noted the need for the government to make the ports of Onne, Port Harcourt, Warri and Calabar functional in order to ease the burden on importers in the east of the country and reduce the stress on security agencies.

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