The Nigerian Shippers’ Council (NSC) has announced savings of over N40 billion in the past year from charter fees, achieved through stringent cost-saving measures. Mr. Pius Akutah, the Executive Secretary and CEO of the NSC, disclosed this on Sunday during a media interaction in Lagos, marking his one-year anniversary in office.
Akutah explained that the NSC’s focus on reducing party charter fees—a term used to describe the leasing or renting agreements between shipowners and charterers—had saved a substantial sum, which he emphasized as a vital boost to the economy. He attributed this achievement to the efforts of the NSC’s management team.
“We have saved this country over N40 billion in the last year through the verification of reasonableness for party charter fees,” Akutah stated. He further noted that the deployment of a new app, launched around eight to nine months ago, was instrumental in achieving these savings. The app automates calculations for determining reasonable freight and charter fees, enhancing transparency and efficiency.
Looking forward, Akutah announced an ambitious target for the maritime sector, aiming to attract $10 billion in investment over the next five years. He highlighted that the NSC has already begun engaging with stakeholders aligned with this vision as part of a new five-year strategic plan.
“We are implementing a five-year program that will guide our role as a Port Economic Regulator,” Akutah said. “Our focus is on facilitating trade and increasing investment in the sector to exceed $10 billion within the next five years.”
However, Akutah raised concerns about Nigeria’s readiness to fully benefit from the African Continental Free Trade Area (AfCFTA) platform, valued at $3.4 trillion in combined GDP. He warned that logistical challenges, particularly in maritime connectivity, could hinder Nigeria’s ability to capitalize on the AfCFTA’s potential.
“The implementation of AfCFTA could be compromised if maritime logistics are not addressed,” Akutah stated. He stressed the need for Nigeria to improve intermodal connectivity to facilitate the movement of goods across Africa, underscoring the importance of logistics for intra-African trade.
Akutah’s remarks underscore the NSC’s commitment to driving efficiency and investment in Nigeria’s maritime sector while addressing the logistical barriers to broader regional trade under AfCFTA.