The Nigeria Shippers Council (NSC) has revealed that the country loses an estimated $500 million each year due to delays in the implementation of the International Cargo Tracking Note (ICTN), a system aimed at improving cargo transparency and reducing illegal shipments.
According to vanguardngr.com, Pius Akutah, the Executive Secretary of Nigeria Shippers Council (NSC) NSC, revealed this at a House of Representatives hearing on the ICTN, a cargo tracking technology.
The hearing, organised by the House of Representatives committee on shipping services, customs, ports and harbour, and maritime safety, education, and administration, is investigating the non-implementation of the contract.
It should be noted that in 2019, the NSC introduced a regulation that mandated the implementation of ICTN as a loading document for all shipments to Nigeria.
According to the regulation, every cargo that has been purchased from abroad and transported for commercial, business, in some cases, diplomatic and personal purposes requires a loading certificate, otherwise known as ICTN.
The NSC boss said : “Nigeria has lost almost $2.5 billion within the last five years due to the lack of implementation. Because of some investigations led by the EFCC, five years have passed without progress
“Implementation began for two years and then somehow stopped. We are losing that amount annually.”
In March 2023, the administration of former President Muhammadu Buhari engaged a consortium led by Antaser Nigeria Limited to implement a cargo tracking system for all imports and exports including crude oil exports”.
NSC had signed the agreement with Antaser Limited and four other companies on a “No Cure, No Pay Basis” with a revenue-sharing ratio of 60:40, accruing to the federal government and the consortium, respectively.