LAGOS, Nigeria (VOICE OF NAIJA)- Customs agents licensed by the government attribute the 2.39% decline in container throughput in the first quarter of 2024 to the ongoing forex crisis in the country.
The Nigerian Ports Authority, in a document accessed exclusively by The PUNCH, reported a 2.39% decrease in twenty-foot equivalent unit (TEU) container throughput during the first quarter of 2024.
In the first quarter of 2024, the Nigerian Ports Authority reported a total container throughput of 396,083 units, showing a decrease from 405,811 units recorded in the corresponding period the previous year.
During Q1 2023, the NPA documented 150,926 export containers and received 254,884 laden containers in the country.
For Q1 2024, the NPA recorded 112,801 empty containers and processed 283,281 loaded containers.
Despite the decline in container throughput, it was noted that cargo throughput during the review period was higher than that of the same period in 2023.
READ ALSO: Forex Stability Will Reduce Cost Of Air Travels – Asharami Synergy
“In 2024, we recorded 20,105,390 as cargo throughput, while in 2023, we recorded 17,476,212,” the NPA reported.
In response, the Importers Association of Nigeria attributed the decline in container throughput to the forex crisis, highlighting that the country suffers an annual loss exceeding $500 million due to fluctuating exchange rates.
Dr. Basil Nwaolisa, the National Coordinator of Customs, Shipping, and Terminal Operations of the association, Dr. Basil Nwaolisa expressed concern in a recent interview with The PUNCH that the cost of clearing consignments at ports had escalated by 300% within one year.
“The country is losing more than $500m annually. A year ago, clearing a cargo might cost N5m, but now the same consignment costs N20m or more. This is a big problem. If an importer’s worth is about N15m, can they import a container now? Demurrage is a significant issue at N60,000 per container per month,” Nwaolisa said.
He stressed that forex challenges were significantly burdening importers, leading to a cessation of importation by 60% of their members.
The National President of the National Council of Managing Directors of Licensed Customs Agents, Mr Lucky Amiwero, also observed that markets were nearly empty as importation had decreased.
“The forex issue has affected buyers. When you go to the market now, you will find many items that are no longer available. Importers have stopped importing due to the fluctuating naira.
“Many people do not have the funds to purchase foreign exchange because the price is high and the market is unstable. Most potential importers are waiting to see if the situation improves.
“Previously, $500,000 could secure several containers, but that amount no longer holds the same value. Many people have left the industry for menial jobs due to the inconsistent exchange rate,” Amiwero added.