Speaker of the House of Representatives, Tajudeen Abbas, has raised concern over Nigeria’s economic losses, revealing that over 75 percent of goods offloaded at ports in the Benin Republic are destined for Nigeria. He attributed the trend to inefficiencies, high costs, and bureaucratic delays at Nigerian ports.
Abbas made this disclosure while receiving a delegation from the Presidential Enabling Business Environment Council (PEBEC), according to a statement by his spokesperson, Musa Krishi.
“Nigeria is losing massive revenue to its neighbours because of persistent administrative and regulatory bottlenecks at our ports and border posts,” Abbas said. “I hear that over 75 percent of goods offloaded in Benin Republic are actually meant for Nigerian destinations. Countries are avoiding shipping directly to Nigeria because of our bureaucracy, delays, and high costs.”
The Speaker warned that such inefficiencies not only drain national revenue but also undermine investor confidence. He called for urgent reforms in the country’s maritime and trade logistics sectors.
Sharing his experience from a recent visit to Morocco, Abbas revealed that Nigerian officials were criticised for the country’s slow and cumbersome import-export processes. “We cannot continue to allow our economy to bleed while our neighbours benefit from our inefficiencies. This is a serious economic distortion that requires immediate policy and legislative response,” he stated.
Abbas assured the PEBEC team of the House’s commitment to supporting reforms that streamline port operations, simplify customs procedures, and improve trade regulations. This includes enforcement of the Financial Reporting Council of Nigeria (FRCN) Act and the passage of pending tax reform bills.
He also pledged to ensure Nigeria honours its agreements with investors in free trade zones, stressing that legislative backing will be provided to boost investor confidence and economic growth.
Abbas praised PEBEC’s youth-driven strategy and reaffirmed the House’s resolve to address the bureaucratic hurdles limiting trade and investment.
Speaking on behalf of Vice President Kashim Shettima, who chairs the Council, PEBEC Director General Zara Mustapha Audu presented a letter from the Vice President. She urged the House to intervene in resolving tensions between the FRCN and the private sector.
