Abbas: Nigeria losing revenue to neighbouring countries due to high port charges

Tajudeen Abbas, speaker of the house of representatives, says over 75 percent of goods offloaded in the Benin Republic are bound for Nigeria, blaming inefficiencies and high costs at Nigerian ports.

Abbas spoke on Wednesday when he received a delegation from the Presidential Enabling Business Environment Council (PEBEC), according to a statement by Musa Krishi, the speaker’s spokesperson.

The leader of the lower chamber said Nigeria is losing massive revenue to its West African neighbours due to persistent administrative and regulatory bottlenecks at its ports and border posts.

“I hear that over 75 percent of goods offloaded in Benin Republic are actually meant for Nigerian destinations,” Abbas said.

“Countries are avoiding shipping directly to Nigeria because of our bureaucracy, delays, and high costs.”

The Speaker warned that such inefficiencies are hurting both government revenue and investor confidence, calling for urgent reforms in the maritime and trade logistics sectors.

He cited his recent visit to Morocco, where Nigerian officials were criticised over the sluggishness in the country’s import and export systems.

“We can not continue to allow our economy to bleed while our neighbours benefit from our inefficiencies,” he said.

“This is a serious economic distortion that requires immediate policy and legislative response.”

Abbas assured the PEBEC team that the house would back reforms to simplify port operations, customs procedures, and trade regulations, including enforcement of the Financial Reporting Council of Nigeria (FRCN) Act and provisions of the pending Tax Reform Bills.

He also pledged legislative cooperation to ensure Nigeria upholds agreements with investors operating in free trade zones.

Abbas commended PEBEC’s efforts, especially its youth-led approach, and reiterated that the house is committed to tackling bottlenecks stifling trade, investment, and economic growth.

“We are ready and willing to do everything humanly possible to support you so that you can succeed,” he said.

On her part, Zara Mustapha Audu, director-general (DG) of PEBEC, said the visit was on behalf of Vice-President Kashim Shettima, who chairs the council.

Mustapha presented a letter from the vice-president and called for the house’s intervention in addressing tensions between the FRCN and the private sector.

The DG noted that PEBEC, which supervises 69 ministries, departments, and agencies (MDAs) linked to the economy, is pushing to streamline regulations and improve Nigeria’s business environment but faces resistance in certain sectors.