FG, within half of the year, saves N31.1bn through the route of ERPP
• FG, within half of the year, saves N31.1bn through the route of ERPP
• The NSC’s development of this web-based application underscores its commitment to modernizing regulatory practices, optimizing port operations, and fostering economic growth in Nigeria’s maritime sector
NSC – Nigerian Shippers’ Council (NSC) has achieved a remarkable financial milestone, saving the Federal Government N31.1 billion in just the first half of 2024 through its Electronic Regulatory Port Portal (ERPP). The innovative platform, developed in collaboration with the Central Bank of Nigeria (CBN), plays a crucial role in verifying the reasonableness of Charter Party fees.
During a recent courtesy visit by the Managing Director of the News Agency of Nigeria (NAN), Malam Ali Ali to the NSC headquarters in Lagos, the Executive Secretary, Mr. Pius Akutah, detailed the impressive results.
According to him, between January and June 2024, the NSC conducted a comprehensive review of demurrage applications, identifying N19.6 billion of requests as reasonable out of a total of N50.8 billion. The rigorous evaluation led to a substantial saving of N31.1 billion, reflecting a 400 percent increase over the N6.7 billion saved in the previous year.
“This significant enhancement in savings is due to the advanced automation solutions introduced by the NSC,” Akutah explained. “The ERPP has not only improved operational efficiency but also helped curb financial leakages and minimize capital flight. By leveraging this technology, we anticipate up to an 80 percent reduction in outflows from the Nigerian economy.”
The ERPP is designed to enhance transparency and streamline regulatory processes within the port sector. It centralizes and monitors key performance indicators for regulated service providers, handles annual tariff filings, manages voyage data, and facilitates online submissions for tariff reviews. The platform also integrates with other NSC systems, such as the CRD portal, for verifying demurrage, freight rates, and charter party payments.
By complying with the Central Bank of Nigeria’s revised Foreign Exchange (FOREX) manual and Memorandum 13, Article 3.3, which requires the NSC to confirm the reasonableness of fees before foreign exchange approvals, the Council ensures rigorous oversight and accountability.
The NSC’s development of this web-based application underscores its commitment to modernizing regulatory practices, optimizing port operations, and fostering economic growth in Nigeria’s maritime sector. Through these advancements, the NSC continues to play a pivotal role in enhancing the efficiency and integrity of the nation’s maritime industry.
