Participants at a business forum in Lagos have admonished the Federal Government to move against illicit trade to boost its revenue and protect local firms against unhealthy competition.
At a roundtable to discuss factors responsible for illicit trade and the associated dangers, the stakeholders said effective steps should be taken to tackle the menace due to its negative impact on government revenue drive and survival of local investments.
The event themed ‘Business Environment: Maximising Economic Opportunities through Effective Anti-Illicit Trade Enforcement’ was organized by Initiative for Public Policy Analysis (IPPA) in Ikeja, yesterday.
It was attended by government officials, private business operators and experts across professions.
In his presentation titled ‘Business Environment and Illicit Trade: Linkages and Evidence’, Dr. Olajide Damilola of the University of Aberdeen (U.K) dwelt extensively on how certain government policies, conditions within local market and weak enforcement of the law drive local producers underground, giving rise to illegal trade.
“Illicit trade revolves around consumers, producers and the government. It thrives mostly because consumers want lower priced goods, have limited knowledge about the items and socially accept the products.
“In the business environment, the menace is driven by high excise taxes, among others. Failure on the part of relevant government agencies to effectively check activities of smugglers and other saboteurs make the crime to flourish to the detriment of national economic development.”