Nigeria Lost N6trn To Apapa Port Gridlock – Private Sector

Nigeria lost N6 trillion due to the gridlock at Apapa Port, Lagos, according to the members of the private sector under the Nigeria Employers’ Consultative Association (NECA).

NECA Vice President II Mauricio Alarcon said this recently at the 62nd annual general meeting of the body.

According to Alarcon, there is need for policy reform for businesses to operate optimally in the country.

He lamented that despite a presidential order to clear the Apapa gridlock, the challenges still persist.

“Survey by the OPS shows that Nigeria lost about N3.06 trillion on non-oil export and about N2.5 trillion earnings annually across the different sectors due to the Apapa gridlock,” he said.

“There is the need to fast-track infrastructural development at the Lagos port, diversification programme, market-driven foreign exchange management, sustain and a significant reduction in the cost of governance.

“The government should also fast-track the passage of Petroleum Industry Governance Bill, market-driven electricity supply and billing system.”

Also, he called on the government to tackle unemployment and poverty in the country for the economy to recover.

“Unemployment surged from 9% in 2015 to 23.1% in third quarter of 2018, while inflation remains high in spite of tight monetary policy conditions,” he said.

“There is also a spread of poverty. The economy needs to recover.”