Nigerian Shipper’s Council Saves N2.7bn, Protects Traders from Losses

The Nigerian Shipper’s Council (NSC) has successfully saved a remarkable sum of N2.7 billion, protecting it from potential losses. The council’s unwavering efforts in tackling challenges faced by shippers have proven instrumental in preventing substantial financial setbacks.

The NSC, responsible for regulating and promoting fair practices within the maritime sector, recently published its newsletter, aptly named the ‘Complaint Newsletter,’ where it highlighted its achievements. The council revealed that this substantial amount could have been lost to shipping companies and terminal operators through demurrages and other charges if not for their intervention.

Over the period from 2020 to 2022, the NSC received a total of 1,727 complaints from traders, underscoring the challenges they faced in the industry. Remarkably, in 2021 alone, the council handled an astounding 666 cases, resulting in the recovery of N2.5 billion on behalf of the trading public.

Even in the midst of the COVID-19 pandemic, 2020 witnessed 648 cases being recorded, with a commendable N57 million successfully recovered. The subsequent year, 2022, saw a significant drop in complaints, with only 413 cases reported. Nonetheless, the NSC managed to recover an impressive sum of N204 million on behalf of shippers and freight forwarders.

Various issues were addressed through these complaints, ranging from excessive charges to demurrage or container deposit refunds, as well as cargo damages. Notably, despite a decrease in cargo volume at the country’s seaports, demurrage and detention rates remained stubbornly high, according to the observations made by the NSC.

To combat these challenges effectively, the council urged importers and exporters to engage the services of professional logistics service providers. By doing so, traders can ensure the prompt return of containers without incurring additional demurrage or detention charges.

The NSC’s remarkable achievement in saving N2.7 billion is a testament to their dedication in protecting the interests of traders. Their tireless efforts in recovering substantial funds not only promote a fair and efficient shipping environment but also contribute to bolstering trust and facilitating smoother trade operations. As Nigeria continues to enhance and develop its maritime sector, initiatives like these play a pivotal role in driving economic growth and ensuring a level playing field for all stakeholders.