The Nigerian Shippers’ Council said it prevented shippers from paying ₦86.06 billion in unjustified demurrage between November 2023 and June 2026, while also securing savings of ₦4.54 billion and $1.348 million through regulatory interventions and alternative dispute resolution.
The Executive Secretary and Chief Executive Officer of the council, Dr Pius Akutah, disclosed this on Saturday during a media luncheon with journalists in Lagos.
According to Akutah, the interventions protected more than ₦90.60 billion in economic value for Nigerian shippers and the wider economy.
“Within the period under review, the council protected over N90.60bn in economic value for Nigerian shippers and the national economy.
“This includes preventing N86.06bn in unjustified demurrage payments and securing savings of N4.54bn and $1.348m through alternative dispute resolution and regulatory interventions,” Akutah said.
Akutah said the council also received 558 complaints during the period and resolved 295 commercial disputes.
He added that the council harmonised bonded terminal invoice charges from 18 categories to six, secured statutory funding through the 2025 Appropriation Act for the first time since 1978, advanced the implementation of the National Single Window Project and the International Cargo Tracking Note, deployed an Enterprise Content Management System and introduced a leadership and succession planning project.
The NSC boss also said both chambers of the National Assembly had passed the Nigerian Port Economic Regulatory Agency Bill, which is awaiting presidential assent.
“Once assented, the legislation will establish an independent port economic regulator with enhanced powers to regulate tariffs, service standards, competition and commercial conduct, thereby strengthening transparency and investor confidence across the port industry,” Akutah stated.
According to him, once signed into law, the legislation will establish an independent port economic regulator with powers to regulate tariffs, service standards, competition and commercial conduct, a move he said would improve transparency and boost investor confidence in the port industry.
Akutah said the reforms were reducing the cost of doing business, improving regulatory certainty and supporting the Federal Government’s target of building a $1tn economy by 2030.
He added that the council had substantially concluded preparations for the 18th International Maritime Seminar for Judges.
The NSC chief said that since assuming office in November 2023, his management had focused on strengthening the council’s role as Nigeria’s port economic regulator through reforms aimed at improving consumer protection, trade facilitation, digital transformation and stakeholder engagement.
The PUNCH