Technology and Transparency Lead to Significant Cost Reduction in Nigerian Shipping Sector
The Convention on Business Integrity (CBi) revealed that shipowners’ operational costs in Nigeria have dropped by 86.67 per cent, from $150,000 to $20,000, since 2021. This remarkable reduction is attributed to the introduction of technology-based grievance reporting mechanisms and transparency initiatives.
The resolution timeline for cases has also improved significantly, now taking only one hour compared to eight hours previously. These positive changes have empowered port users to report incidents of corruption, leading to a decrease in corrupt demands by port officials.
Opinion:
The progress made in reducing operational costs and addressing corruption in the Nigerian shipping sector is commendable. The implementation of technology-driven reporting mechanisms and transparency measures has been instrumental in fostering accountability and trust among port users. These positive developments are likely to attract more vessel captains and investors to Nigerian ports, ultimately bolstering the country’s maritime industry. Continued efforts to strengthen ethical practices and integrity in the sector will be crucial in sustaining these improvements.