Nigeria loses $840m to cargo diversion – shippers association

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The Lagos Shippers Association illustrated the scale of the infrastructure, and bureaucratic problems facing Africa’s largest economy over the weekend at a meeting in Apapa. It suggested that this amount of business was lost to ports in neighbouring countries because shippers and their agents were subject to less punitive rates, but also that processes were much faster. The LSA president estimated that each day a vessel is delayed in Lagos costs shippers a combined US$30,000. Dubbed one of the MINT – Mexico, Indonesia, Nigeria and Turkey – countries, and tipped to follow the BRICs as the new giants of global economy; clearly a lot remains to be achieved.