Nigerian-bound cargo worth ₦825 billion trapped at foreign ports

Apart from the naira scarcity which was occasioned by the Central Bank Of Nigeria, CBN’s naira redesign policy, importers are also faced with the scarcity of FX which has been rationed by the CBN.

According to a report by the Punch, a member of the Board of Trustees of NSA, Jonathan Nicol, also stated that cargoes have been left uncleared at the Nigerian ports as most Nigerian importers also have difficulty accessing foreign exchange from banks for the exercise.

“A lot of goods are held at different ports over that financial crunch. The exchange rate is high. Banks do not have foreign exchange to give. So, you have to go and raise money wherever you can to pay.

“Let me just say that about 68 per cent of goods that are supposed to have arrived in Nigeria are trapped. So, conservatively, let us put the value of that 68 per cent of trapped goods at ₦825 billion worth of goods have been trapped in different ports around the world,” he asserted.

Speaking further, he noted, “I know someone who has over 400 containers at different ports around the world but cannot ship them into Nigeria because there are no funds.

“So, most of the containers we are getting now either belong to the industries you know industries must have standing relationships with their suppliers so the supply will be given to them based on concession.”

Nicol also said that some of the cargoes that make their way into the country do so under special arrangements with the suppliers which buy them a grace period of 90 days.