Thursday, 27 June 2024
Haboursandport.com: Copenhagen-based Maritime Anti-Corruption Network (MACN) says that Nigeria is losing about $204 million annually in gross domestic product due to corruption at the country’s ports.
The organisation with around 200 maritime-industry members disclosed that in a recent report titled ‘The cost of maritime corruption to the industry and society’.
It noted that the country had 235,000 fewer full-time jobs than it might in a scenario without bribery demands in the maritime sector.
MACN estimated that the cost of maritime corruption for bulk and food products in Nigeria was about $160m per year, based on $150,000–$180,000 extra cost per shipment.
The report stated that the figure represented an extra 15 per cent charge on top of total transport and logistics costs for critical imports, adding that the cost was ultimately borne by the private sector, resulting in price hikes of around two per cent for the average Nigerian family.
“This results in less consumption and sales, negatively impacting GDP, tariffs collected by customs, and job creation.
Maritime corruption results in an annual reduction in GDP of $204m, an annual $42m reduction in revenue collected by the Nigeria Customs Service, and 235,000 fewer full-time equivalent jobs due to reduced sales and economic activity,” it stated.According to MACN, the costs add up across the entire journey of the cargo, from extra insurance premiums for the voyage to additional demurrage charges during port delays to cash payments at police checkpoints during drayage.
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