FG Loses Over N6 Trillion to Lagos Gridlock

apapa
  • FG Loses Over N6 Trillion to Lagos Gridlock

The Organised Private Sector (OPS) says Nigeria has lost over N6 trillion across all sectors due to Apapa traffic gridlock.

The OPS, under the Nigeria Employers’ Consultative Association, NECA, disclosed this at its 62nd Annual General Meeting in Lagos.

Mauricio Alarcon, the Second Vice President of the Nigeria Employers’ Consultative Association (NECA), said the decade long operational challenges being experienced at the port remained despite Presidential Executive Order to fix the issue.

“There is the need to fast-track infrastructural development at the Lagos Port, diversification programme, market-driven foreign exchange management, sustain and a significant reduction in the cost of governance and address the Apapa gridlock.”

Alarcon further stated that the “Survey by the OPS shows that Nigeria lost about N3.06 trillion on non-oil export and about N2.5 trillion earnings annually across the different sectors due to the Apapa gridlock,” saying the president Buhari should implement policies that would impact the economy now that the elections were over.

Alarcon added, “There is the need to fast-track infrastructural development at the Lagos Port, diversification programme, market-driven foreign exchange management, sustain and a significant reduction in the cost of governance and address the Apapa gridlock.

“Government should also fast-track the passage of Petroleum Industry Governance Bill, market-driven electricity supply and billing system.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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