Nigeria Saves N31 Billion From Automation Of Demurrage, Freight Rate, Charter Party Verification In Six Months
By Frederick Wright
The Federal Government has saved over N31 billion between January and June 2024 through automation of demurrage, freight rate, and charter party verification.
The Executive Secretary/CEO, Nigerian Shippers’ Council (NSC), Pius Akutah, disclosed this at the ongoing 2025 Sectoral Retreat of the Federal Ministry of Marine and Blue Economy, calling for critical policy and funding reforms.
Akutah also showcased the Council’s achievements, including the commissioning of the Funtua Inland Dry Port, top-ranking performance in the 2024 ICPC Ethics and Integrity Scorecard, the launch of online registration portals for port users and service providers and the development of the Trade and Transport Data Bank now nearing completion.
He emphasized the need for swift passage of the Nigerian Port Regulatory Agency Bill and consistent access to statutory funding.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, who declared the retreat open, stated that the Marine and Blue Economy sector had been placed at the forefront of the Federal Government growth agenda and that agencies must respond with measurable performance and improved service delivery.
The minister also noted several milestones achievements over the year, such as modernization of port infrastructure, steady improvement in port efficiency, progress on the National Single Window, commencement of Cabotage Vessel Financing Fund disbursement, noting that the recent approval of the National Policy on Marine and Blue Economy, marked a new phase in the sectoral development.
He outlined key imperatives for sectoral transformation, including inter-agency synergy, digitalization, governance, and environmental responsibility.
As the retreat progresses, agency heads are signing performance bonds anchored on specific Key Performance Indicators (KPIs), reinforcing a shared commitment to measurable results and transparency.
