N31bn saved from demurrage application in six months – NSC

The Nigerian Shippers’ Council has said that out of a total requested amount of N50.8bn demurrage applications it received between January and June 2024, the sum of N19.6bn was validated as reasonable for payment leading to a savings of N31.1bn within the period under review.

The NSC disclosed this on Saturday in Lagos during the unveiling of its innovative Electronic Regulatory Process Portal, a digital platform designed to enhance regulatory functions and promote efficiency in the port sector.

Speaking during the unveiling of the platform, the Executive Secretary and Chief Executive Officer of the NSC, Pius Akutah, said that the initiative is expected to save the Nigerian economy 80 per cent of foreign exchange outflows in substantial amounts, and also minimize capital flight by blocking financial leakages and preventing over-invoicing.

Akutah said ERPP represents a significant step forward in the council’s efforts to modernise and streamline its regulatory processes.