The Executive Secretary of the Shippers Council of Nigeria, Pius Akutah, on Monday, said Nigeria has lost approximately $2.5 billion over the past five years-about $500 million annually-due to the non-implementation of the International Cargo Tracking Notes (ICTN).
Akutah stated this during an investigative hearing held by the House of Representatives Committees on shipping services, customs, port and harbor, maritime safety, education, and administration at the National Assembly.
The investigation aimed to uncover the reasons behind the lack of implementation of the ICTN and to identify the challenges faced by the Nigeria Shippers Council in fulfilling its responsibilities.
“Nigeria has lost nearly $2.5 billion over the last five years due to the failure to implement this system.
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“There were investigations, including those conducted by the EFCC, which contributed to the delay. The system was in place for only two years before it was halted, and since then, we have incurred these losses.
“Over the past five years, we have not implemented the ICTN, resulting in a loss of between $1 billion and $5 billion. If we had implemented it, that’s the amount we could have contributed to the economy within two years. Although the period of implementation was short, it generated significant income for the country, illustrating just how much Nigeria is missing out,” Akutah said.
The Minister of Marine and Blue Economy, Gboyega Oyetola, represented by Babatunde Sule, the Director of Maritime Services, acknowledged that while the Federal Executive Council (FEC) approved the contract at the end of the last administration, the contract award process was flawed.
Meanwhile, the Shipping Lines Association of Nigeria expressed strong opposition to the proposed Cargo Tracking Bill, describing it as an unnecessary burden in a sector already overwhelmed by bureaucratic regulations.
Boma Alabi, SAN, the chairman of the association, stated during the hearing that the bill would not improve the ease of doing business in Nigeria and would merely add another layer of bureaucracy, which the sector does not need.
