Nigeria: Shippers Council prevents repatriation of $33mln questionable Forex claims at seaports
Speaking in Lagos on Thursday at the 26th Annual General Meeting and Post AGM-Talk of the International Chamber of Commerce (ICC) Nigeria, Dr. Akutah who was represented by the Director, Trade Services of the agency, Ms. Adaora Nwonu, stated that in 2024 alone, the Council helped prevent the repatriation of about N52 billion in questionable foreign exchange claims through its Economic Regulatory Portal (ERP), thus strengthening the national economy and promoting cost predictability.
According to the NSC Boss, 'The theme of today's gathering, 'Shipping and Maritime Trade: The Backbone of International Trade,' is not only apt, but pertinent as it underscores the vital role maritime trade plays in facilitating global commerce and sustaining economic growth across nations.
'According to the United Nations Conference on Trade and Development (UNCTAD), more than 80 per cent of global trade by volume moves by sea. For Nigeria, with our vast coastline and maritime potential, shipping is not just a trade tool, it is a national development platform.'
Dr. Akutah added that over 11.1 billion metric tonnes of goods were shipped globally in 2023, emphasising the sector's influence on job creation, industrial zones, and ease of doing business.
He commended the Federal Government for creating the Ministry of Marine and Blue Economy, with a vision to unlock ocean-based resources and position shipping as a non-oil growth driver.
'Modern ports are the new factories,' Dr. Akutah declared, underlining the importance of port modernisation, inland connectivity, and digital innovation.
He also said that the NSC's achievements include the prevention of ₦52 billion in questionable forex claims, the resolution of over ₦2 billion in cargo disputes, and the promotion of inland dry ports to expand trade access.
'We are championing reforms that reduce delays, eliminate inefficiencies, and simplify processes. Key interventions include leading the National Single Window (NSW) implementation; Monitoring port performance; Driving process harmonisation through the Nigerian Ports Process Manual (NPPM); and collaborating with other MDAs to entrench Standard
'The Council evaluates freight rates, terminal charges, and demurrage claims to ensure economic reasonableness. In 2024 alone, we helped prevent the repatriation of about N52 billion in questionable foreign exchange claims through our Economic Regulatory Portal (ERP), thus strengthening the national economy and promoting cost predictability.
'Our Alternative Dispute Resolution (ADR) mechanism provides a transparent, time-efficient, and non-adversarial platform to resolve complaints between port users and service providers.
'In 2024, our intervention led to the recovery of over N2 billion for shippers and cargo owners,' Dr. Akutah added.
On regional trade, he noted that maritime infrastructure is key to realising the promise of the African Continental Free Trade Area (AfCFTA).
'Intra-African trade currently accounts for less than 18 per cent of the continent's total trade. However, the implementation of the African Continental Free Trade Area (AfCFTA), with a market size of 1.4 billion people and a combined GDP of $3.4 trillion, is poised to change that and maritime transport will be the lifeline of AfCFTA's success.
'Nigeria must position itself as the regional hub for transshipment, logistics, and trade facilitation. To do this, we must: Modernise our ports and customs processes; Promote multimodal connectivity from seaports to industrial clusters and border posts; Harmonise tariffs and documentation with neighbouring economies; and Reduce barriers that hinder our exports and transit traffic.
'The Nigerian Shippers' Council is actively supporting these objectives through: Advocacy for seamless cargo corridors; Facilitation of stakeholder compliance with regional trade rules; and promotion of trade infrastructure that benefits landlocked countries and regional trade.'
Dr. Akutah concluded by calling on the ICC Nigeria and stakeholders to join forces in building a globally competitive shipping sector, describing the Council's approach to regulation as one of empowerment, transparency, and protection.
'Let us build a maritime system that serves not only Nigeria's present needs, but secures its future as a global trade player,' he urged.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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