Nigerian cargo worth $825 billion is stuck in foreign ports

According to the Nigerian Shippers Association (NSA), approximately 68% of cargoes en route to the country, worth $825 billion, are currently stranded at foreign ports. Apart from the scarcity of naira caused by the Central Bank Of Nigeria's (CBN) naira redesign policy, importers are also confronted with the scarcity of foreign exchange (FX) rationed by the CBN. Jonathan Nicol, a member of the NSA Board of Trustees, also stated that cargoes have been left uncleared at Nigerian ports because most Nigerian importers are also having difficulty accessing foreign exchange from banks for the exercise. "A lot of goods are being held at various ports due to the financial crisis." The exchange rate is extremely high. Banks do not have foreign currency to lend. So you have to go out and raise money wherever you can in order to pay." Let me just say that approximately 68% of goods expected to arrive in Nigeria are trapped. So, conservatively, let us put the value of that 68 percent of trapped goods at $825 billion in different ports around the world," he asserted.