Business
Nigeria Loses N20bn Daily to Port Inefficiencies, Agbakoba
Nigeria port inefficiencies cost N20bn daily, says Olisa Agbakoba; experts urge modernisation, legal reforms, and better infrastructure.
Nigeria is losing approximately N20 billion daily at its ports due to decayed infrastructure and operational inefficiencies, with significant revenue flowing to neighbouring ports such as Cotonou, Tema, and Lomé, according to Senior Advocate of Nigeria Olisa Agbakoba.
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Citing a report by Dutch consultancy firm Dynanmar, Agbakoba said that while 80 per cent of containers in West and Central Africa are destined for Nigeria, less than 20 per cent actually arrive due to port deterioration.
He added that over 25,000 foreign vessels illegally trade in Nigeria’s coastal waters, representing both a national security concern and a loss of economic opportunity.
Highlighting the Lekki Deep Seaport as a model, Agbakoba noted that it is already attracting more than $20 billion in investment and demonstrates the potential for replicable port modernisation nationwide.
Conversely, he said that key strategic ports remain underdeveloped or abandoned, including the Apapa City Port and the Onitsha River Port.
Other ports at Azumiri, Oraji, and in Akwa Ibom and Ogun states require significant development.
Agbakoba called for decisive legal and institutional reforms to modernise port operations, including enacting the Ports and Inland Waterways Development Act, amending the Nigerian Ports Authority Act (1999) to encourage private sector participation through robust public-private partnerships, and updating the National Inland Waterways Authority Act (1997) to enable systematic dredging and inland port development.
He emphasised critical performance targets such as reducing cargo dwell time to 48 hours or less and achieving annual port throughput growth of 15 per cent or more.
The National Policy on Marine and Blue Economy (2025–2034) already provides a roadmap for these reforms, outlining nine new laws, institutional strengthening, and enhanced enforcement mechanisms.
According to the Sea Empowerment Research Centre, lowering cargo dwell time by 35–45 per cent could save the private sector N300–400 billion annually, while broader trade efficiency gains could reduce transaction costs by 20–25 per cent.
Current inefficiencies are estimated to cost Nigeria N500–900 billion each year in lost revenue, administrative duplication, and reduced productivity.
Agbakoba stressed that while global attention focuses on oil and gas, the maritime sector could rival petroleum revenues and create millions of jobs if reforms are implemented.
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“The choice before us is clear: allow the policy to remain aspirational or implement bold legal reforms that unlock N70 trillion in annual revenue,” he said.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has dismissed allegations that it appropriated the Niger Delta Economic & Investment Summit (NDEIS) brand, insisting it lawfully obtained trademark acceptance for the name and will proceed with its 2026 summit as scheduled.
In a statement issued on September 12, 2026, the chamber described claims by Kunle Nwiwa Junior as “cheap blackmail, misleading, mischievous and a misrepresentation of the facts,” maintaining that it independently developed the summit and followed all required regulatory procedures.
According to NDCCITMA, it applied for and received a Trademark Acceptance Letter for the name Niger Delta Economic & Investment Summit (NDEIS) in August 2025 under File No. NG/TM/O/2025/387284.
The chamber said the chronology of events contradicts allegations that it copied another party’s application, arguing that its trademark acceptance predated the period during which Nwiwa’s own application was reportedly still pending before the relevant authorities.
“Economic Summit” is a generic expression
NDCCITMA further argued that the phrase “Economic Summit” is a generic description widely used for conferences that bring together governments, investors, businesses, development institutions and other stakeholders to discuss investment and economic development.
The chamber maintained that while concepts may be widely used, legal protection only arises from recognised intellectual property rights, including duly registered trademarks and other enforceable proprietary interests.
It therefore rejected suggestions that any individual or organisation has exclusive ownership of the broader concept of an economic summit.
Court grants interim injunction
Addressing reports that the summit had been halted, NDCCITMA said the dispute is already before the Federal High Court in Port Harcourt and that there is no court order restraining the event.
The chamber disclosed that in Suit No. FHC/PHC/CS/57/2026, Justice Stephen Dalyop Pam granted an interim injunction restraining the defendants—Kunle Nwiwa Junior and Keneva Consult Ltd.—from interfering with the planned summit.
According to NDCCITMA, the court also directed the defendants to remove publications, notices, petitions, social media posts and other statements allegedly considered damaging to the chamber’s name, integrity and reputation pending the hearing of its motion for interlocutory injunction.
The matter has been adjourned until September 22, 2026 for further hearing.
Chamber rejects ₦500 million demand claim
NDCCITMA also alleged that it had received a demand from Nwiwa Junior requesting ₦500 million as a condition for abandoning his claims over the summit.
The chamber said the demand was rejected, adding that it subsequently petitioned the Inspector-General of Police over what it described as repeated harassment and threats directed at its officials.
It said the petition sought police intervention, including inviting the complainant for questioning and caution where necessary.
Summit opens September 15
Despite the legal dispute, NDCCITMA reaffirmed that the 2026 Niger Delta Economic & Investment Summit will hold from September 15 to 17, 2026, at the Obi Wali Conference Centre in Port Harcourt, Rivers State.
The summit will be held under the theme “Driving Investment, Innovation & Industrial Growth in the Niger Delta” and is expected to bring together policymakers, investors, business leaders, development partners and industry stakeholders to discuss economic transformation across the region.
The chamber said it remains committed to promoting commerce, industry, trade, mining, agriculture and sustainable economic development throughout the Niger Delta while allowing the courts to determine all outstanding legal issues.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
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