The Executive Secretary and Chief Executive Officer of the Nigerian Shippers’ Council (NSC), Dr. Akutah Pius, has revealed that the Council is reforming and strengthening the ₦28 billion Cargo Defence Fund (CDF) to ensure transparency, sustainability, and greater support for small and medium-sized enterprises (SMEs) and shippers across Nigeria.
Speaking at the sidelines of the recent sub-regional seminar and meeting of the Standing Committee on Trade and Transport organized by the NSC in collaboration with the Union of African Shippers’ Councils (UASC), Dr. Akutah noted that while the Cargo Defence Fund has long existed, its sustainability and effective deployment have been recurring challenges. He explained that a recent court settlement injected substantial funds, now totaling about ₦28 billion, into the CDF, giving the Council a renewed opportunity to restructure the fund for maximum impact.
According to him, the NSC has engaged a consultant to develop a Standard Operating Procedure (SOP) that will guide the transparent management of the fund in compliance with the court order mandating its use for projects that directly benefit Nigerian shippers. He added that the SOP is currently under review by the Federal Ministry of Marine and Blue Economy, after which implementation will begin.
Dr. Akutah stressed that no part of the ₦28 billion fund will be accessed or disbursed without a clear framework, noting that the SOP will ensure accountability and define proper utilization strategies.
He further disclosed plans to link the Cargo Defence Fund to the establishment of a Trade House, a strategic platform envisioned to enhance export promotion, improve trade facilitation, and support SMEs in accessing global markets.
Dr. Akutah assured stakeholders that the Council will follow up on key resolutions from the meeting, reaffirming its commitment to making the ₦28 billion Cargo Defence Fund a sustainable tool for shippers’ protection, SME empowerment, and maritime sector growth.
“At the moment, we have about ₦28 billion in that fund, which is a good thing. But as a Council, we want to create a strong corporate governance structure around it and emphasize its sustainability.”
“One area we can assist in establishing the Trade House is through the implementation of the Cargo Defence Fund,” he explained. “We have been working on initiatives that will benefit all shippers, not just a few.” Dr Akutah said.
