Nkwachi calls for unity, cohesion, inclusivity among Ndigbo Freight Forwarders

…Says industry to reach $20.58bn in Nigeria by 2029, $317.33bn globally by end of 2032

The Managing Partner/CEO of Gideon Nkwachi & Co, Chartered Accountants, Mr Gideon Nkwachi Ujoatuonu, has urged Ndigbo Freight Forwarders Association (NFFA) to form a united front, which he said is crucial for greater achievements.

He gave the advise at the inauguration of the new executives of NFFA, Murtala Mohammed International Airport Chapter, Lagos, noting that in a sector where competition is fierce and challenges are numerous, a united front is crucial for greater achievements.

According to him, the affairs of the freight forwarding industry are essential to global economic sustainability as it allow for the exchange of goods and services between countries, promote trade and investments, and contribute to the economic growth of nations.

He said, “NFFA needs these essential elements to assert its influence, protect its interests, and drive growth in the complex logistics and freight forwarding industry in Nigeria, and among members of the association.

“The size of the global freight forwarding market was valued at $209.14 billion in 2023 and is projected to reach $317.33 billion by the end of 2032, with a compound annual growth rate (CAGR) of approximately 4.74 per cent from 2024 to 2032.”

“The Nigerian freight forwarding market is estimated at $15.45 billion in 2024, and is expected to reach $20.58 billion by 2029, growing at a CAGR of 5.90 per cent during the forecast period (2024-2029). This is some good news for us at it implies we would still be in business!

“This gives a glimpse into how profitable the freight forwarding sector is and the opportunities that abound for players who know the game and can latch on the opportunities available and to come,” he added.

The financial expert stated that much as this may mean good news, it is also a call to more focus, stressing that the profitability of the sector would lead to the entrance of competitors who would be on the lookout to have a larger portion of the global market share of the freight and forwarding sector, hoping to dominate and spread their influence or reach to all corner of the globe.

“As Ndigbo Freight Forwarders Association continues to navigate the complexities of the logistics and freight forwarding industry, it has become increasingly clear that unity and cohesion are essential for achieving greater heights. A united association will have a stronger voice in advocating for the interests of its members and the industry as a whole.

“By working together, members can share knowledge, expertise, and resources to drive innovation and growth. Unity will create opportunities for members to learn from each other, share best practices, and develop new skills, while cohesiveness will build trust with stakeholders, including government agencies, clients, and partners, and better equip the association,” he stated.

Speaking further, the Economic and Financial Crime Commission (EFCC) certified forensic expert urged the new executive to be committed to meeting the current demands of the world and keep up with the fast-paced innovations happening in countries and continents apart from Nigeria.

He said, “As an association, we have to be diligent in embracing important and needed changing technologies, policies and manners of engagement. As leaders heralding the affairs of the association, the task is partly on you to ensure the viability of this association and a favourable business.

“Encourage and promote regular dialogue, coexistence among members to build trust, resolve conflicts, and align goals, as well as the overall competitive outlook and actual performance of the association.”

“Ensure that all members feel valued, respected, and included in decision-making processes; establish a clear, compelling vision that outlines the association’s goals, values, and objectives; support joint projects, partnerships, and initiatives that benefit the association and members.

“By embracing these elements, the Ndigbo Freight Forwarders Association can and will unlock its full potential, drive growth, and become a formidable force in the logistics and freight forwarding industry in Nigeria,” Nkwachi stated.

The Fellow of Institute of Chartered Accountants of Nigeria (ICAN) and Member International Financial Reporting Standards (IFRS) also encouraged members to work together, support one another, and speak with one voice to achieve their goals.

“By doing this, I believe the association can and will overcome its challenges, tap into new opportunities, and make a more significant impact in the industry and the country. In recent times, the freight forwarding and logistics sector has faced infrastructural limitations, regulatory hurdles, security concerns among others, and this highlights the need for partnership with the government to ensure the minimalism of these issues and ease of doing business.

“This is very important and can be related to the government as necessary for due consideration as it appeals to its efforts towards economic stability and sustained of the economy. As an association, it imperative that all hands be on deck and we all work together for our mutual benefit and progress of our nation, because together we stand a chance to compete on the global stage as worthy competitors,” he enthused.