Nigerian port operators and shipping companies are expressing growing concern over declining cargo volumes, even as significant investments pour into port infrastructure development across the country.

Despite more than $10 billion being invested by state governments and private sector entities into new deep and river seaports, industry stakeholders report troubling downward trends in shipping metrics. Vessel calls to Nigerian ports decreased by 4.5% in 2023, dropping to 3,778 from 3,957 in 2022. Additionally, cargo throughput (excluding crude oil) fell by 6.4%, with totals declining from 75.27 million metric tons in 2022 to 70.47 million metric tons in 2023.

At a recent Lagos press conference, Boma Alabi, chairman of the Shipping Agencies, Clearing and Forwarding Employers Association (SACFEA), highlighted several factors undermining Nigeria's port competitiveness. She pointed to increased port charges, naira depreciation, foreign exchange instability, and volatile clearing rates as key contributors to the industry's challenges.

Alabi emphasized that Nigeria is losing cargo traffic to neighboring countries with more competitive pricing structures. "Nigerian ports have become uncompetitive because of the numerous charges customers must pay compared to neighboring ports like Cotonou and Lome, which collect relatively low fees," she stated.

The SACFEA chairman urged government intervention, specifically calling for an end to the dollarization of the economy and the removal of recent fee increases. "The 15% increment in shipping charges represents a triple increase on what we used to pay. Just as the Customs 4% was suspended, please help us remove this increase. We are pleading," Alabi said.

Industry experts worry that without addressing these cost and currency issues, both established and newly developed Nigerian ports may struggle to remain viable in the increasingly competitive regional shipping landscape.​​​​​​​​​​​​​​​​