FCCPC Laments, Investigates Shipping Lines over High Freight Charges
The Federal Competition and Consumer Protection Commission (FCCPC) is full of lamentation over rising shipping charges by multinational shipping lines.
The Executive Vice Chairman of FCCPC, Babatunde Irukera, who spoke in Lagos disclosed that the agency having carried out a raid is currently investigating the shipping companies over the outrageous cost of freight.
Inukera said it was surprising that the cost of moving goods into the country has become so high.
He said this was the reason why cost of goods in the market has gone up astronomically.
He recalled that before the Covid-19, the cost of moving a container from China to Lagos was between $3,500 to $5,000.
According to him, the cost of the movement has gone up to $14,000.
But he added that following its intervention, the cost came down to $10,500.
Describing such rise in freight rates as bad to the economy, he called on shipping companies to be mindful of the effect of such cost on the nation’s economy.
The Executive Vice Chairman of FCCPC, Babatunde Irukera, who spoke in Lagos disclosed that the agency having carried out a raid is currently investigating the shipping companies over the outrageous cost of freight.
Inukera said it was surprising that the cost of moving goods into the country has become so high.
He said this was the reason why cost of goods in the market has gone up astronomically.
He recalled that before the Covid-19, the cost of moving a container from China to Lagos was between $3,500 to $5,000.
According to him, the cost of the movement has gone up to $14,000.
But he added that following its intervention, the cost came down to $10,500.
Describing such rise in freight rates as bad to the economy, he called on shipping companies to be mindful of the effect of such cost on the nation’s economy.
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