Nigerian Shippers’ Council (NSC) has announced a significant milestone, saving the Federal Government N31.1 billion between January and June 2024. This substantial saving was achieved through the automation of demurrage fee confirmation, representing a 400% improvement compared to the manual process used in 2023.
According to Dr. Akutah Pius, MON, Executive Secretary and CEO of NSC, the automated system has streamlined the confirmation process, reducing the risk of excessive charges and promoting a more balanced shipping cost structure. The NSC has developed a web-based platform, CRD Portal with six major modules, including modules for shipping companies, vessel charterers, shippers, and authorized dealer banks.
Nigerian Shippers’ Council and Central Bank of Nigeria are currently working out strategies to develop a standardized module for the Central Bank of Nigeria (CBN) on the CRD Portal and also integrate the Confirmation of Demurrage, Freight Rate and Charter Party payments (CRD Portal) and the Trade Monitoring System (TRMS). The integration when completed will allow seamless data collaboration between the NSC and CBN and mitigate undue pressure on FOREX.
In promoting Fair Trade Practices, the NSC boss stated that the system helps curb excessive charges by vessel charterers and promotes a balanced shipping cost structure that aligns with international best practices.
The NSC aims to continue improving the automated system, with plans to establish a joint technical committee with the CBN to drive innovation and enhance trade facilitation in Nigeria.
The NSC boss was represented at the meeting by the Director Regulatory Services Department, Mrs. Margaret Ogbonna.
