Nigerian Shippers’ Council Saves N31bn from Demurrage Applications

The Nigerian Shippers’ Council (NSC) has announced a remarkable achievement in the area of demurrage applications, saving a substantial sum of N31.1 billion between January and June 2024.

According to the NSC, a total of N50.8 billion in demurrage applications was received during the six-month period.

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However, after a thorough verification process, only N19.6 billion was validated as reasonable for payment. This represents a significant reduction of N31.1 billion, which would have otherwise been paid out unnecessarily.

In addition to this achievement, the NSC has also launched its innovative Electronic Regulatory Process Portal (ERPP). This digital platform is designed to enhance regulatory functions and promote efficiency in the port sector.

The ERPP is expected to have a profound impact on the Nigerian economy, saving an estimated 80% of foreign exchange outflows and minimizing capital flight.

The ERPP is a comprehensive platform that allows stakeholders in the port sector to file annual tariffs, manage voyages, submit airfreight cargo throughput data, and request reviews of tariffs, rates, and charges.

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This digital solution eliminates the need for manual labor in calculating and confirming demurrage charges, freight rates, and charter party fees. With the ERPP, everything is submitted, processed, and approved online, reducing delays and ensuring accurate financial transactions.