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Nairametrics
Home Business News

Customs lose N3 billion to strike at Lagos ports

Onome Ohwovoriole by Onome Ohwovoriole
May 17, 2017
in Business News
No Pay Rise For Dockworkers as Union Agree Status Quo Should Be Maintained
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Nairametrics| As the strike at Lagos ports enters its second day, estimates for the losses by the NCS is running into billions. Below are the key points about the strike:

  • The strike is by clearing agents and truck drivers.
  • The strike is in it’s second day.
  • The suspension of operations is in protest of the poor state of the roads leading to the ports.
  • The NCS is estimated to have lost N3 billion to the strikes.
  • The estimated losses exclude revenues lost by other operators such as Nimasa, SON and the NPA.
  • The losses could further increase if the strike continues.

The Apapa ports were established in 1913 and is the major port in Nigeria. To enhance efficiency, 5 terminals in the ports were concessioned to private operators in 2006. Heavy traffic at the Apapa ports led to the construction of the Tin can ports in 1976, and it’s commissioning in 1977. The terminals at the tin can ports were also concessioned in 2006. A furtherance of the strike means the NCS could fall short of its monthly and yearly targets.

The strike comes at a time efforts are being made to fix the roads. MD of the NPA, Hadiza Usman announced a collaboration between the NPA, Flour Mills and Dangote industries to fix the access roads to the port. A total of N4.3 billion is to be spent with the NPA contributing N1.8 billion and N2.5 billion by Flour Mills and Dangote industries.

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Tags: NIMASA
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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