The Nigerian Ports Authority (NPA) has announced a 15% increase in ports tariffs, a move that is expected to cause a fresh wave of price hikes across the country.
Dr. Abubakar Dantsoho, NPA’s Managing Director, justified the increase as necessary to revive Nigeria’s cargo handling business, which has suffered losses to neighboring countries.
He explained, “This belated tariff review… constitutes a critical success factor in Nigeria’s quest to win back cargo handling business and its accompanying benefits, including job opportunities.”
However, industry stakeholders, like Mr. Ukochukwu Nnadi of the National Association of Government Approved Freight Forwarders, warned that the tariff hike would lead to higher costs for businesses and consumers.
“Definitely, it will add to the cost of doing business… and will be passed to the customers,” Nnadi stated.
With inflation already soaring in Nigeria, including a food inflation rate of 39.93%, the tariff hike is likely to worsen the economic strain on Nigerians.
