RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Nigerian Ports Authority to Auction Overtime Containers to Alleviate Congestion

Stephen Akudike by Stephen Akudike
September 13, 2023
in Economy
Reading Time: 2 mins read
A A
0
Nigerian Ports Authority to Auction Overtime Containers to Alleviate Congestion
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

In an effort to address congestion and create more space at Nigeria’s ports, the Nigerian Ports Authority (NPA) has announced plans to auction containers that have exceeded their allotted time at the ports. The decision, aimed at streamlining operations and enhancing efficiency within the port facilities, follows an extensive sensitization campaign involving shipping lines, freight forwarders, and clearing agents.

The NPA’s move to evacuate overtime cargoes is a step towards decongesting Nigerian ports to facilitate smoother operations. The decision came after an inter-agency team, led by Dr. Magdelene Ajani, the Permanent Secretary of the Federal Ministry of Transportation, conducted an assessment tour on June 23. The team, comprising representatives from the NPA, the Nigerian Customs Service (NCS), and the Nigerian Shippers’ Council, observed a significant number of overtime cargoes occupying the Lagos and Tincan Island Port Complexes, as well as the Ikorodu Lighter Terminal. Over 3,200 units of overtime cars and approximately 3,295 units of overtime containers were found in these port facilities.

AlsoRead

Nigeria’s Foreign Reserves Hit $51.86 Billion, Highest in 17 Years

FG Approves $11.50/Barrel Tax Credit for Shell’s Bonga Southwest Aparo Project

Nigeria Retains Cheapest Petrol Price in West Africa Despite 15% Jump in Import Costs

Furthermore, the NPA revealed that Nigeria’s Eastern-based ports, including Warri, Rivers, Onne, and Calabar, had a combined total of 956 overtime containers. The NPA emphasized that the port infrastructure in these areas is designed for transit purposes rather than long-term storage, as the aging overtime cargo has resulted in space constraints and deterioration of port infrastructure.

To address this issue, an all-stakeholder sensitization meeting was held on June 26, involving shipping lines, the association of freight forwarders, and clearing agents. During the meeting, it was unanimously agreed that all cargoes and containers that have exceeded their required time at the ports should be auctioned “in-situ” (in their current locations) and promptly removed from the ports. The NPA highlighted the importance of transparency and inclusiveness in the auction process, indicating that the modalities for the auction would be finalized in consultation with stakeholders.

The forthcoming auction of overtime containers by the Nigerian Ports Authority demonstrates a commitment to tackle congestion and optimize the functioning of Nigeria’s ports. By enforcing timely evacuation and removal of these containers, the NPA aims to enhance operational efficiency, create more space for incoming cargo, and improve the overall infrastructure of the ports. The collaboration with stakeholders and the focus on transparency in the auction process further underline the NPA’s dedication to resolving congestion challenges and fostering a streamlined and effective port system.

Tags: Auction processClearing agentsDecongestion effortsFreight forwardingNigerian Ports AuthorityOvertime containersPort congestionPort efficiencyPort infrastructure.Shipping industry
Previous Post

UK’s High Inflation Linked to Drop in European Immigration, Goldman Research Reports.

Next Post

Unravelling PND abuse in Nigeria’s banking system.

Related News

Currency in circulation drops massively in the third quarter of 2022.

Nigeria’s Foreign Reserves Hit $51.86 Billion, Highest in 17 Years

by Stephen Akudike
July 16, 2026
0

Nigeria’s external reserves have climbed to $51.86 billion, the highest level recorded in more than 17 years, according to the...

FG Allocates N5.1 Billion for Presidential Yacht and N5.5 Billion For Student Loans

FG Approves $11.50/Barrel Tax Credit for Shell’s Bonga Southwest Aparo Project

by Victoria Attah
July 15, 2026
0

The Federal Government has granted Shell Plc and its partners a special production-linked tax credit of $11.50 per barrel for...

Nigeria Retains Cheapest Petrol Price in West Africa Despite 15% Jump in Import Costs

by Akpan Edidong
July 15, 2026
0

Nigeria has maintained its position as the country with the lowest petrol price in West Africa, with an average pump...

CBN Governor Yemi Cardoso to Address Policy Direction Amid Inflation Challenges

FX Market Turnover Plunges 46.57% to $1.63 Billion in Second Week of July

by Stephen Akudike
July 13, 2026
0

Nigeria’s foreign exchange market witnessed a sharp decline in activity during the week ended July 10, 2026, with total turnover...

Next Post
CBN Revokes 139 Microfinance and finance company Licenses

Unravelling PND abuse in Nigeria’s banking system.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CBN Raises N1.19 Trillion at July 15 Treasury Bills Auction

July 16, 2026
Naira Strengthens as Anticipation Mounts for $10 Billion Forex Inflows

Naira Slips to N1,420 per Dollar in Parallel Market as Official Rate Edges Higher

July 16, 2026

Popular Story

  • The Double-Edged Sword of VAT in Nigeria: Exploitation or Economic Lifeline?

    FG Releases Revised Import Prohibition List, Bans Paracetamol, Tomato Paste and others.

    0 shares
    Share 0 Tweet 0
  • Naira Slips to N1,420 per Dollar in Parallel Market as Official Rate Edges Higher

    0 shares
    Share 0 Tweet 0
  • Nigeria’s Foreign Reserves Hit $51.86 Billion, Highest in 17 Years

    0 shares
    Share 0 Tweet 0
  • CBN Raises N1.19 Trillion at July 15 Treasury Bills Auction

    0 shares
    Share 0 Tweet 0
  • Russian Inflation at Five-Year Peak Boosts Chances for Rate Hike

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>