National Wire About Nigerians, Nigerian Business and Other Stories
A whooping $2 billion investment by the terminal operators has massively turned around operations at Nigerian seaports since the commencement of the concessioning programme about 11 years ago.
The Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, who disclosed this recently, commended the Federal Government for its foresight in instituting the programme. Before terminal operations were concessioned in 2006, Nigerian ports faced major challenges, which placed them among the most inefficient in the world.
Before concession, the average waiting time for ships before berthing was 21 days, vessel turnaround time was seven days while dwell time for cargo was as high as 45 days. Virtually all the major seaports across the country were heavily congested leading to insecurity and pilferage, delays in cargo clearance and inefficiencies in cargo handling largely due to manual processes.
THE NATION
