■ Importers blame high exchange rate, clearance, shipment diversion
By Steve Agbota
NIGERIANS may face a subdued yuletide season as cargo importation into the country has dropped by over 40 per cent, driven by high clearance costs, soaring exchange rates and the diversion of shipments to neighbouring countries.
Importers and clearing agents have lamented that Nigerian ports have not experienced such a significant decline in cargo in recent memory.
Confirming the downturn, Comptroller Dera Nnadi, Customs Area Controller of the Tin Can Island Port Command, Lagos, stated: “As at last year, 2023, there were more cargoes compared to this year, 2024. But this time, we have less cargo. To the extent that cargo throughput dropped by almost 40-something per- cent, if not more.
Similarly, an importer Dennis Omojeh, told Daily Sun, the situation is dire: “By this time last year, the volume of cargo imports had already dropped by 55 percent, but now it has fallen further by 40 percent.”
He added, “What we are experiencing now is a very serious challenge. We have written to the Federal Government to do something about this, but it seems nobody is listening.
“We find it difficult to bring in consignments due to the high exchange rate. Importers are dying while some are leaving for neighbouring countries.”
Omojeh noted that cargoes destined for Nigeria are now being diverted to ports in neighboring countries such as Ghana and Benin Republic. “The ports of Tema in Ghana and Cotonou in Benin Republic are now sharing Nigerian-bound cargoes. Importers now prefer Togo and Benin as their trade destinations while Nigeria is losing out big time.”
He expressed frustration, stating that only a few patriotic importers still bring in and clear goods through Nigerian ports.
“The volume of trade has dropped drastically. Yes, drastically. Cargo traffic has decreased because factories are not running well due to various factors, including diesel costs, exchange rates, and difficulties in sourcing foreign exchange. It’s affecting everything.”
Omojeh warned that if this trend continues, Nigerians could face a bleak Christmas season, with goods becoming increasingly expensive amid rising inflation, which now exceeds 33%. “If this continues, the cost of goods will be high, and Nigerians will feel it deeply during Christmas,” he lamented.