IMAN Criticizes Rising Port Tariffs Impacting Trade

The Importers and Marketers Association of Nigeria (IMAN) held a press conference in Lagos on Wednesday, where they condemned the recent increase in port tariffs, labeling it unjustifiable and insensitive to the economic realities faced by importers. IMAN's chairman, Joseph Ozurumba Ajoku, and the national secretary general, Aliyu Ahm Yar Adua, disclosed that the cost to clear a 20-foot container in Nigeria has risen to N15 million, compared to N7 million in Benin Republic.

Similarly, the clearance cost for a 40-foot container in Nigeria is now N20 million, while it is N14 million in Benin. The association expressed concerns that these rising costs, exacerbated by unstable foreign exchange rates and inflation, could lead to business closures and a decline in foreign direct investment.

They criticized the Nigerian Shippers Council for approving the tariff increase without adequate consultation with stakeholders and urged for strict compliance with economic regulations to ensure future tariff reviews are conducted properly.