Nigeria losing $7bn annually to poor management of ports – Reps

Two members of the House of Representatives have raised the alarm that Nigeria is losing $7 billion dollars annually to poor management of the nation’s ports.

The two members, Julius Ihonvbare and Ibrahim Isiaka, also said that Nigeria’s seaports receive barely 10 per cent of West African imports, out of 60 per cent destined for Nigeria, while others are lost to neighbouring countries.

In their joint motion at the resumption of plenary on Tuesday, the two lawmakers said there was a need for the House to carry out a comprehensive investigation to unravel the gaps and opportunities lost by the country annually.

The House thereafter resolved to mandate its Committees on Port and Harbours, National Planning and Economic Development, Maritime Safety Education and Administration and Nigerian Shippers’ Council to investigate the gaps affecting the full realisation of the economic advantage of Ports and Harbours and other Blue Economy in Nigeria.

Presenting the motion, Ihonvbare said the maritime sector is crucial for the survival of the Nigerian economy.

However, he decried the under-utilization of the seaports, which he said can increase the nation’s revenue and Gross Domestic Product, GDP.