Port concessionaires have said that the policy review, which gives importers power to choose the port where their cargoes could be discharged will create over 200,000 jobs.
The new policy introduced by the Federal Government guarantees the right of importers to choose terminals of their choice provided the concessionaires have expertise to handle cargoes, such as bulk, containerised and multipurpose cargoes
The operators, under the umbrella of Seaport Terminal Operators of Nigeria (STOAN), also explained in Lagos that the policy would make the sector number one foreign currency revenue earner in the country.
The presidential approval, which was contained in a letter dated May 5, 2017 and signed by the Managing Director, Nigerian Ports Authority (NPA), Ms. Hadiza Bala Usman, ended the dominance of oil and gas logistics services by Integrated Logistics Services Limited (Intels) over the years.
It said: “FGN remains guided by the general global practice in the designation of terminal/ports operations into three broad categorisation of bulk cargo, container cargo and multipurpose cargo.
“Accordingly, the Federal Government rejects the categorisation of oil and gas multi-purpose cargo terminal, as this is alien to the relevant concession agreements and inconsistent with global shipping practices.”
It would be recalled that the terminal operators had tabled their complaints at several fora over the years, detailing how Nigeria had lost more than $10 billion investments to monopoly in the last 20 years. In 2016, the managing director established a policy reform committee, whose recommendations were approved last month by the president.