May 28, 2024

FG Boosts Ports Operations, Deploys Cargo Tracking Notes

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…To earn $235m annually

By Frank Odinukaeze

The Federal Executive Council (FEC) on Wednesday moved to boost operations at the nation’s Seaports as it gave its approval for the deployment of Cargo Tracking Note (CTN) at all the sea ports in the nation .
According to the Transportation Minister, Alhaji Muazu Sambo, who briefed State House Correspondents in Abuja,the approval came during a meeting presided over by President Mohammed Buhari.
The Nigerian Shippers’ Council (NSC) as the ports economic regulator,is saddled with the responsibility of deploying the CTN, in what is expected to check issues of under-declaration, concealment and under-valuation by shippers and shipping lines.
The approval followed a memo by the Minister of Transport who explained that the CTN will ensure accuracy in what comes and what goes out of the country.
He also added that CTN will check wrong calculations and other fraudulent practices in the ports.
The Minister disclosed that the facility will be deployed by a Belgium firm and other Nigerian companies at no cost to the federal government.
The Minister also claimed that when the CTN begins operation, it will raise revenue base of government from $90 million to $235 million per annum.
He also said the CTN will help in effective tracking of crude oil export, adding that this will end crude oil theft in the country.
His words, “We are looking at installing electronic cargo tracking device which will take care of under-declaration, and secure our export and import cargo invoicing. Ghana, Benin Republic and a number of other countries are already using it and they have all recorded improvement in their port services, especially issues of concealment and wrong calculation for cargoes.”

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