The Nigerian Shippers’ Council (NCS) has addressed concerns from importers and clearing agents regarding the implementation of the 1 percent freight stabilisation fee, reassuring them that the benefits outweigh the costs.
Dr. Pius Akutah, the Executive Secretary of the NCS, explained that the fee’s implementation is crucial for the Council’s operations and is supported by existing laws. He emphasized that the fee would not increase the cost of doing business at the nation’s seaports but rather provide a much-needed stream of revenue to support the Council’s activities. The fee, which had been unimplemented in recent years, is part of the broader effort to strengthen the NCS’s financial position and ensure better trade facilitation across Nigeria’s maritime sector.
“We have analyzed the cost benefits of implementing the 1 percent freight stabilisation fee, and the benefits far outweigh the costs,” Akutah stated. He further emphasized that the law mandates the fee’s application, and the NCS has no choice but to proceed with its enforcement.
The Council’s revenue sources will include the port development levy, the freight stabilisation fee, and the Cargo Tracking Note (CTN). Akutah revealed that these three income streams would support the Council’s 2025 budget. Additionally, the implementation of the International Cargo Tracking Note (ICTN), a project spearheaded by the Minister of Marine and Blue Economy, Adeboye Oyetola, is expected to further bolster revenue generation and enhance the security of cargo entering the country.
As the NCS works towards becoming the Nigerian Economic and Regulatory Agency, Akutah reiterated that the freight stabilisation fee, alongside the CTN and port development levy, would play a critical role in strengthening the country’s maritime regulatory framework and boosting the economy.
The Minister of Marine and Blue Economy has been actively pushing for the swift implementation of these measures, which are seen as vital for the development of the country’s trade infrastructure and economic growth. With these initiatives, the NCS aims to continue its efforts toward efficient regulation and improved service delivery in Nigeria’s port sector.