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Nigeria Loses $10 Billion Annually to Maritime Cartels

Daily Trust·

A report from the Sea Empower Research Centre (SEREC) indicates that Nigeria incurs an estimated annual loss of $10 billion due to maritime cartels and ineffective regulatory oversight within its port and shipping ecosystem. The report describes Nigeria's maritime domain as a critical economic asset that is undermined by entrenched interests and weak institutional controls, leading to massive revenue leakage and stunted growth.

It highlights that cartel dominance across port operations fosters arbitrary charges, restricts competition, and inflates business costs, discouraging investment and weakening Nigeria's competitiveness in global trade. The report notes that poor oversight and a fragmented regulatory framework enable widespread trade misinvoicing, particularly in the solid mineral sector, contributing to an estimated annual loss of $5 billion to $8 billion.

Furthermore, it warns that without decisive reforms, Nigeria's port will continue to suffer from inefficiencies, limiting domestic value addition and exacerbating trade imbalances.

Plus234Feed summary based on reporting from Daily Trust.

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