The Nigerian Shippers’ Council (NSC) is undertaking significant efforts to drive investment in the maritime sector, with a bold aim to attract $10 billion within the next five years. In a recent media interaction to commemorate his first year in office, Executive Secretary and Chief Executive Officer Mr. Pius Akutah outlined the strategic direction of the agency. He explained that the NSC is engaging with key stakeholders in the industry to collaboratively achieve this ambitious target, highlighting the importance of having a shared vision for progress. This initiative is a part of a comprehensive five-year program designed to project the NSC’s activities and bolster its role as a port economic regulator.
One of the notable achievements of the NSC in the past year has been the substantial savings generated from party charter fees, amounting to over N40 billion. The concept of party charter involves contractual agreements between shipowners and charterers, detailing the leasing or rental of ships. Akutah acknowledged this success, crediting the collaborative efforts of his management team for making this possible. These savings were achieved through a new application introduced by the NSC, which has automated the calculation process for assessing the reasonableness of freight and charter fees. This digital transformation has enhanced efficiency and transparency within the maritime sector.
Akutah also pinpointed logistics as a critical factor that could hinder Nigeria from fully capitalizing on the African Continental Free Trade Area (AfCFTA), which holds a combined GDP of $3.4 trillion. He emphasized that poor maritime logistics could be a major stumbling block for the effective implementation of AfCFTA. Akutah raised concerns about connectivity challenges within the African region, questioning the feasibility of moving goods freely across borders if adequate systems are not in place. He stressed the urgency of addressing these logistical issues to ensure that Nigeria can participate fully in the continental market and that the country’s manufacturing surge is effectively connected to export channels.
Further highlighting the importance of logistics, Akutah urged for the promotion of intermodal transportation systems that would facilitate smoother movement of goods within the continent. He stated that, despite the progress made in boosting Nigeria’s manufacturing capabilities, these efforts would only yield desired outcomes if there are efficient transport and logistics systems in place. Akutah’s vision for the next five years includes addressing these connectivity challenges head-on, enabling a seamless flow of goods from Nigeria to other African markets.
The NSC’s five-year plan also reflects a broader commitment to improve trade facilitation and attract investments by enhancing the regulatory frameworks governing maritime activities. By prioritizing its role as an economic regulator, the NSC aims to streamline processes and create a conducive environment for both local and international investors in the maritime sector. This strategic focus is critical, as it aligns with Nigeria’s broader economic objectives and its goal of becoming a regional trade hub within Africa.
In summary, the Nigerian Shippers’ Council, under the leadership of Mr. Pius Akutah, is poised for transformative changes aimed at elevating the maritime sector. The aggressive target of attracting $10 billion in investments over the next five years, coupled with significant savings achieved through innovative technological solutions, reflects the agency’s commitment to economic growth and development. Continuous engagement with stakeholders, addressing logistical challenges, and enhancing regulatory functions will be key components of this ambitious roadmap, ultimately ensuring that Nigeria harnesses its full potential in the African trade landscape.
