Nigeria Loses $2.5bn in 5yrs Due to Cargo Tracking Lapses –NSC Chief

Samuel Mobolaji

The Nigerian Shippers’ Council (NSC) has revealed that Nigeria has suffered a $2.5 billion revenue loss in five years, amounting to $500 million annually, due to the non-implementation of the International Cargo Tracking Note (ICTN).

NSC’s Executive Secretary, Pius Akutah, disclosed the figure during an investigative hearing by the House of Representatives Committees on Shipping, Excise, Customs, Ports and Harbour, and Maritime Safety, Education, and Administration.

Akutah noted that due to investigations by the Economic and Financial Crimes Commission, ICTN implementation had been halted over the past five years, allowing substantial revenue leakage.

“Nigeria has lost almost $2.5 billion because the ICTN has not been implemented over the past five years. We are losing huge amounts in dollars,” Akutah stated.

Representing the Minister of Marine and Blue Economy, Gboyega Oyetola, Director of Maritime Services Mr Babatunde Sule cited procedural flaws in the previous administration’s award process, which led to delays. Despite the Federal Executive Council’s approval, confusion over contracts awarded to multiple companies caused further stalling.

Committee Chairman Abdussamad Dasuki stressed that the ICTN is essential for ensuring transparency and efficiency in cargo handling. “Our goal is to address the root causes of these delays, improve revenue, curb illicit cargo, and align Nigeria’s maritime industry with global standards,” he stated.

The ICTN, mandated in 2019, is required for all shipments to Nigeria, aiming to secure and optimise cargo operations.