Nigerian Ports Lose N20bn Daily to Poor Infrastructure

Nigeria is losing about N20bn daily at the ports due to poor infrastructure and inefficiencies, with most of the revenue flowing to neighbouring ports, particularly Cotonou, Tema, and Lomé.

This is according to a report a Sunday report by Olisa Agbakoba, a Senior Advocate of Nigeria (SAN).

“In the West and Central Africa region, 80 per cent of containers are destined for Nigeria, but less than 20 per cent actually arrive because of the decayed infrastructure,” said Olisa Agbakoba, a Senior Advocate of Nigeria.

Agbakoba cited a recent report by Dynanmar, a Dutch consultancy firm, which highlighted the dire state of Nigeria’s ports.

He emphasised that the country’s ports are in a bad state, and this is affecting the economy.

“The Lekki Deep Sea Port demonstrates the transformative potential; it is already attracting over $20bn in investment and provides a replicable model for port modernisation across Nigeria. Imagine what would come if all other ports were operating optimally,” Agbakoba said.

He called for the enactment of the Ports and Inland Waterways Development Act to modernise port operations and establish legal backing for public-private partnerships in port development.

“The roadmap exists; what is needed is decisive implementation to translate policy into law and law into measurable economic outcomes,” Agbakoba stressed.