How We Stopped Repatriation of N52bn Questionable Forex Claims at Ports, by Shippers’ Council Boss
Dr. Akutah
By Our Reporter
The Nigerian Shippers’ Council (NSC) has revealed that it was able to stop the repatriation of about N52 bn in questionable foreign exchange claims last year alone.
Executive Secretary of the Council, Dr. Pius Akutah , disclosed this on Thursday during the 26th Annual General Meeting and Post AGM-Talk of the International Chamber of Commerce (ICC) Nigeria, in Lagos.
Akutah who was represented on the occasion by the Director, Trade Services of the agency, Ms. Adaora Nwonu, said this measure by the ports economic regulator helped in strengthening the national economy as well as promoting cost predictability.
He pointed out the crucial role of shipping trade in the country’s economic growth and diversification strategy, adding that there is the need to begin to shift from dependency to harnessing the huge potential in the sector.
Akutah said, “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.”
He noted the shipping sector’s influence on job creation, adding that over 11.1 billion metric tonnes of goods were shipped globally in 2023.
He praised the federal government for having the vision of unlocking the resources in the sector as a non-oil growth, with the creation of the Ministry of Marine and Blue Economy.
He stated that the prevention of the ₦52 billion in questionable forex claims, resolution of over ₦2bn in cargo disputes, as well as promotion of inland dry ports for trade facilitation were some of the achievements of the council.
He also added, “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”.
The Nigerian Shippers’ Council (NSC) has revealed that it was able to stop the repatriation of about N52 bn in questionable foreign exchange claims last year alone.
Executive Secretary of the Council, Dr. Pius Akutah , disclosed this on Thursday during the 26th Annual General Meeting and Post AGM-Talk of the International Chamber of Commerce (ICC) Nigeria, in Lagos.
Akutah who was represented on the occasion by the Director, Trade Services of the agency, Ms. Adaora Nwonu, said this measure by the ports economic regulator helped in strengthening the national economy as well as promoting cost predictability.
He pointed out the crucial role of shipping trade in the country’s economic growth and diversification strategy, adding that there is the need to begin to shift from dependency to harnessing the huge potential in the sector.
Akutah said, “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.”
He noted the shipping sector’s influence on job creation, adding that over 11.1 billion metric tonnes of goods were shipped globally in 2023.
He praised the federal government for having the vision of unlocking the resources in the sector as a non-oil growth, with the creation of the Ministry of Marine and Blue Economy.
He stated that the prevention of the ₦52 billion in questionable forex claims, resolution of over ₦2bn in cargo disputes, as well as promotion of inland dry ports for trade facilitation were some of the achievements of the council.
He also added, “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”.
About Post Author
