Forex fluctuation, multiple charges hindering business at Nigerian ports, stakeholders lament
Stakeholders in Nigeria’s shipping industry have raised concerns about the federal government’s inconsistent exchange rate policies, which they claim are making the cost of doing business increasingly unbearable, particularly in the export market. They also criticised the regulatory agencies at the ports for imposing multiple charges, further complicating business operations. They spoke at a workshop […]
federal ministry of trade and investment
Stakeholders in Nigeria’s shipping industry have raised concerns about the federal government’s inconsistent exchange rate policies, which they claim are making the cost of doing business increasingly unbearable, particularly in the export market.
They also criticised the regulatory agencies at the ports for imposing multiple charges, further complicating business operations.
They spoke at a workshop organised by the Export Commodities Coordinating Committee of the Federal Ministry of Trade and Investment, in collaboration with the Nigerian Shippers’ Council (NSC) held in Kano.
Alhaji Jamilu Goma, vice president of NSC, in his presentation, highlighted the detrimental effects of the fluctuating exchange rate on port-related businesses.
He said these challenges are not only crippling import and export activities but are also adversely affecting shippers by increasing the landing costs of goods, which in turn negatively impacts market sales, leading to losses and rising inventories in warehouses.
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Chief Agu Cajethan Chukwuemeka, a former director of the Nigerian Shippers’ Council (NSC) lamented the cumbersome clearing processes, increased service charges, and the overall rising costs of operations at ports, which are placing a significant burden on the industry.
He also expressed concern over the exclusion of shippers from key discussions on port operations and trade facilitation.