Would you like to receive notifications on latest updates of the following headlines?

Nigeria loses $2.5bn to non-implementation of ICTN- Shippers council

POSTED ON October 29, 2024 •   Business      BY Abiodun Saheed Omodara
Shippers Councils logo

Nigeria lost about $2.5bn in five years, and $500m annually due to the non-implementation of the International Cargo Tracking Notes, the Executive Secretary of Nigerian Shippers Council, Pius Akutah, said on Monday.

The Minister of Marine and Blue Economy, Gboyega Oyetola, who was represented by the Director of Maritime Services, Mr Babatunde Sule, said that though the Federal Executive Council in the administration of Muhammadu Buhari approved the contract, the process of the award was wrong.


The revelations were made during an investigative hearing on the circumstances surrounding the non-implementation of the ICTN and identify challenges faced by the NSC, organised by the House of Representative Committees on Shipping, Excise, Customs, Ports and Harbor and Maritime Safety, Education and Administrations.


ICTN is a mandatory loading document for all shipments to Nigeria determined as a regulation in 2019.


According to this law, every cargo that has been purchased from abroad and transported for commercial, business, in some cases, diplomatic and personal purposes requires a Loading Certificate, otherwise known as ICTN.


Speaking at the event, Akutah said “Nigeria has lost almost $2.5bn within the last five years that Nigeria has not implemented this.

 Because of some investigations conducted by the Economic and Financial Crimes Commission, a period of five years passed.
“Within the last five years, they implemented for two years and somehow stopped. In the last five years, they have not done it. We are losing huge amounts in dollars.”


In the words of the Minister’s representative, the process that led to the approval of the contract by the previous administration was flawed.


“Last year, the FEC approved a contract. At the tail end of the last administration, the government approved five companies. I know there was a fake approval, regarding this contract. I’m also aware that it was given to five companies. I also learned that four of the companies signed an agreement, with the fifth not signing. I think that was what stalled this whole process. The process was wrong.


“At the assumption of the office of the minister, he made frantic efforts to resuscitate this contract. We had several stakeholders’ meetings. We even invited the lead partner for a meeting. We had several discussions on this issue. All has not yet been decided. Time won’t let me say what the Honorable Minister has continued to do in his efforts to see that this deal is actualised.

However, according to a statement by the Chairman of the Shipping Lines Association of Nigeria, Boma Alabi, who was not present at the meeting, the proposal is an attempt at money-making by the Federal Government, which does not support the ease of doing business and trading in Nigeria.

“The shipping industry in Nigeria is already overburdened with red tape and certainly does not require another layer of bureaucracy which is what the proposed Cargo Tracking Bill will result in.

“All exporters and importers can track their goods on the website of the shipping lines generally speaking. In addition, the shipping lines have to upload their manifest to the Customs portal which is connected to the Central Bank of Nigeria single window.

“The ICTN without streamlining the existing process will only result in further delays and congestion,” the statement read in part.

Speaking earlier during his welcome remarks, the Chairman of the Committee on Shipping Services, Abdussamad Dasuki noted that the ICTN is far more than an administrative requirement but an essential tool initiated to drive transparency, security, and operational efficiency in the movement of cargo across borders.

He said “Despite its approval and the commitment of various stakeholders, progress towards implementing the ICTN has been hampered by significant challenges. Among these challenges, we believe, are the bureaucratic delays and competing interests among agencies, limited coordination between key stakeholders, and the duplication of contracts awarded for its implementation.

“Today’s gathering is an opportunity to tackle these issues head-on. Our goal is to identify the root causes of these delays, address conflicted interests, improve revenue generation by plugging the loopholes that allow illicit cargo, such as arms and drugs, to slip through our ports, and ultimately unlock the potential of the ICTN to bring Nigeria’s maritime industry in line with global best practices.”

READ ALSO
South Africa Surpasses Nigeria in Fuel Imports Amid Dangote Refinery Operations
BY Abiodun Saheed Omodara May 29, 2025 0

Nigeria has lost its long-standing title as Africa’s largest importer of refined petroleum pro...

READ ALSO
Economists Warn of Debt Sustainability Risks as Nigeria Eyes $24.14 Billion in Foreign Loans
BY Abiodun Saheed Omodara May 28, 2025 0

Nigeria's public debt is poised for another substantial increase as President Bola Tinubu has sought...

READ ALSO
Nigeria's Solid Minerals Sector Attracts Over $800 Million in Investments Amid Policy Shift
BY Abiodun Saheed Omodara May 25, 2025 0

The Minister of Solid Minerals Development,Dr Dele Alake announced that Nigeria attracted over $800...

READ ALSO
SNEPCo Urges Indigenous Firms to Enhance Skills for Future Opportunities
BY Abiodun Saheed Omodara May 23, 2025 0

The Shell Nigeria Exploration and Production Company Limited (SNEPCo) has urged Nigerian firms to st...

READ ALSO
JUST IN: Dangote refinery slashes petrol prices by N15 nationwide
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria — The Dangote Petroleum Refinery recently announced a reduction in the pump pri...

READ ALSO
Sanwo-Olu Advocates for Innovation, Accountability in Economic Policies
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria - Lagos State Governor Babajide Sanwo-Olu has stated that Nigeria must hasten its pro...

READ ALSO
CBN's Rigid Monetary Policies Threaten Nigeria's Industrialization Efforts
BY Abiodun Saheed Omodara May 22, 2025 0

With the Central Bank of Nigeria (CBN) keeping the benchmark interest rate at 27.5 percent, local ma...

READ ALSO
FG to Auction 753 Housing Units Recovered from Ex-CBN Governor Emefiele
BY Abiodun Saheed Omodara May 20, 2025 0

ABUJA, Nigeria - The Federal Government has declared its intention to sell 753 housing units that we...

OUR CHANNELS:

Enugu Proposes Bill to Curb Criminal Activities Linked to Traditional Practitioners
BY Abiodun Saheed Omodara June 6, 2025 0

ENUGU, Nigeria - Enugu State Governor Peter Mbah has proposed an Executive Bill to the Enugu State H...


Bill Gates Advocates for Improved Health Care in Nigeria Amid Budget Constraints
BY Abiodun Saheed Omodara June 6, 2025 0

US billionaire Bill Gates, who chairs the Gates Foundation, expressed that Nigeria’s health bu...


Controller General Issues Urgent Security Directive for Correctional Facilities
BY Abiodun Saheed Omodara June 6, 2025 0

The Controller General of Corrections, Sylvester Nwakuche, has issued a strict order to all Zonal Co...


NEMA Mobilizes Teams to 15 States Amid Flood Warnings
BY Abiodun Saheed Omodara June 5, 2025 0

The National Emergency Management Agency (NEMA) has sent officials to 15 high-risk states to educate...


Edo Faces Diphtheria Outbreak, Two Confirmed Deaths
BY Abiodun Saheed Omodara June 5, 2025 0

EDO, Nigeria (NAN) - A diphtheria outbreak has been confirmed in Edo State, resulting in two deaths....


Tinubu Honors Bill Gates with National Award for Global Philanthropy
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - President Bola Tinubu commended Bill Gates, the co-founder of Microsoft and chairma...


Bahrain, Colombia, DRC, Latvia, and Liberia Join UN Security Council for 2026-2027 Term
BY Abiodun Saheed Omodara June 5, 2025 0

The UN General Assembly on Tuesday elected five new non-permanent members to the UN Security Council...


Tinubu Orders Urgent Repairs on Flood-Damaged Bridge in Mokwa
BY Abiodun Saheed Omodara June 5, 2025 0

NIGER, Nigeria (NAN)- President Bola Tinubu has instructed the Federal Ministry of Works to repair t...


Nigeria Needs ₦2.2 Trillion to Eliminate Cervical Cancer by 2030, Says Task Force Chair
BY Abiodun Saheed Omodara June 5, 2025 0

ABUJA, Nigeria — Nigeria will need ₦2.2 trillion to roll out comprehensive cervical cancer ini...


EFCC Charges Two Men for Posing as Fake Sureties in Illegal Mining Case
BY Abiodun Saheed Omodara June 4, 2025 0

The Economic and Financial Crimes Commission (EFCC) has charged two individuals, Shehu Abdu and Isah...


More Articles

Load more...

Menu