NIGERIA’s economy through cargo importers has gained a whooping $8.5billion (N3.9trillion) in the last 17 years through stoppage of long vessels waiting time at the seaports, according to Leadership Newspaper.
Before port concessioning exercise embarked upon by the administration of Ex- president, Olusegun Obasanjo in 2006, it was gathered that foreign shipping firms have slammed congestion surcharge on Nigerian bound cargoes due to long vessel waiting time at Nigerian seaports.
However, while speaking to journalists after a courtesy visit to her by the new country managing director of APM Terminals Nigeria, Frederik Klinke, the chairman, Seaports Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, said the federal government’s port concession programme has stopped congestion surcharged paid to foreign shipping firm since the FG concessioned the ports to private operators.
Speaking on behalf of terminal operators operating at the nation’s seaports, the STOAN chairman, noted that, vessels waiting time have been reduced from 45 days before 2006 concession to less than three days in 2023.
The STOAN chairman also said, members of the association, who are the concessionaires, are ready to inject more funds into the port once pending concession agreements are renewed.
“Nigeria’s port concession programme has been a monumental success. Many African countries send representatives here to understudy our port concession regime and how we were able to substantially increase investment and efficiency within a very short period of time. It shows the can-do spirit of Nigerians.
“The port concession programme reduced the waiting time of vessels coming into our ports from an average of 45 days before 2006 to less than three days at present. It has helped in eliminating the notorious congestion surcharge, hitherto, imposed on our ports by major shipping lines under the aegis of the Europe-West Africa Trade Agreement (EWATA).
“The elimination of the port congestion surcharge has resulted in saving Nigeria’s trading community over US$500 million per annum. If you multiply that by the 17 years of port concession, that amounts to a savings of US$8.5 billion to date. In naira terms, that is a savings of more than N3.9 trillion to the Nigerian economy,” she said.
