The Executive Secretary/Chief Executive Officer of the Nigerian Shippers’ Council (NSC), Dr. Pius Akutah, has disclosed that the agency prevented the repatriation of about N52 billion in questionable foreign exchange claims at the nation’s seaports through its Economic Regulatory Portal (ERP) in 2024.

Speaking on Thursday at the 26th Annual General Meeting and Post AGM Talk of the International Chamber of Commerce (ICC) Nigeria, Akutah stated that the council also resolved over N2 billion in cargo-related disputes and intensified efforts to promote inland dry ports, aiming to expand trade access and reduce congestion at seaports.

Akutah, who was represented by the Director of Trade Services of the agency, Ms. Adaora Nwonu, at the event themed: “Shipping and Maritime Trade: The Backbone of International Trade,’ reaffirmed the vital role of the council in strengthening the national economy and promoting cost predictability.

He said the council evaluates freight rates, terminal charges, and demurrage claims to ensure economic reasonableness.

“Our Alternative Dispute Resolution (ADR) mechanism provides a transparent, time-efficient, and non-adversarial platform to resolve complaints between port users and service providers,” he stated.

He emphasised the need to shift from oil dependency to harnessing the country’s vast maritime potential, noting the role of shipping and maritime trade in the country’s economic growth and diversification strategy.

Akutah said Nigeria must position itself as the regional hub for transhipment, logistics, and trade facilitation.

He said this must be done by modernising the ports and customs processes, promoting multimodal connectivity from seaports to industrial clusters and border posts, harmonising tariffs and documentation with neighbouring economies and reducing barriers that hinder exports and transit traffic.

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 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,” he added.

He underscored 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 added.

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 said the 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.”

Akutah called 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.