By Vincent Kalu
The Managing Partner/CEO of Gideon Nkwachi & Co, Chartered Accountants, Mr Gideon Nkwachi Ujoatuonu, has called on the Igbo to always promote regular dialogue to resolve conflicts and present a united front.
He stated this at the inauguration of the new executives of the Ndigbo Freight Forwarders Association (NFFA), Murtala Mohammed International Airport Chapter, Lagos.
According to him, in a sector where competition is fierce and challenges are numerous, a united front is crucial for greater achievements.
He further stress that the affairs of freight forwarding are essential to global economic sustainability as it allows for the exchange of goods and services among countries, promoting trade and investments and contributing to the economic growth of nations.
“NFFA need these essential elements to assert its influence, protect its interests, and drive growth in the complex logistics and freight forwarding industry in Nigeria, and among members of the association.
“The size of the global freight forwarding market was valued at $209.14 billion in 2023 and is projected to reach $317.33 billion by the end of 2032, with a compound annual growth rate (CAGR) of approximately 4.74 per cent from 2024 to 2032.
“The Nigerian freight forwarding market is as well estimated at $15.45 billion in 2024, and is expected to reach $20.58 billion by 2029, growing at a CAGR of 5.90 per cent during forecast period (2024-2029). This is some good news for us at it implies we would still be in business.
“This gives a glimpse of how profitable the freight forwarding sector is and the opportunities that abound for players who know the game and are able to latch on the opportunities available and to come,” he said.
He stated that much as this may mean good news, it is also a call to more focus, stressing that the profitability of the sector would lead to the entrance of competitors who would be on the look out to have a larger portion of the global market share of the freight and forwarding sector, hoping to dominate and spread their influence or reach to all corner of the globe.
“As Ndigbo Freight Forwarders Association continues to navigate the complexities of the logistics and freight forwarding industry, it has become increasingly clear that unity and cohesion are essential for achieving greater heights. A united association will have a stronger voice in advocating for the interests of its members and the industry as a whole,” he added.