Proposed Shipping Charge Hike Sparks Inflation Concerns

The Importers and Marketers Association of Nigeria (IMAN) has proposed a 25% increase in shipping charges, which has raised concerns about inflation and the operational costs for businesses in Nigeria. Joseph Adjoko, President of IMAN's South West Zone, warned that the proposed hike would significantly raise the cost of clearing goods at Nigerian ports, particularly in Apapa, where cargo clearance costs are already excessively high.

Current estimates for consignments stand between N15 million and N16 million, with the new charges potentially rising to nearly N20 million. Adjoko emphasized that this increase would directly affect consumers, worsening inflation as businesses struggle with high prices and low patronage.

He criticized the Nigerian Shipper Council for failing to adequately engage with importers regarding the proposed increase and called for transparency in the cost structure. The matter has drawn the attention of the Senate Committee, and consultations are ongoing to address stakeholders' concerns.