Anxiety As Chinese, Lebanese Corner Nigeria’s N15trn Freight Forwarding Sector

Anxiety is currently brewing in the maritime sector following the sudden takeover of over 90 per cent of Nigeria’s freight forwarding business by foreigners.

Findings revealed that the sector with an annual market value of $10 billion (N15trn) has been largely cornered by Asians, especially Chinese, Lebanese and Indians.

Nigerians, who play in the sector, which has high capital intensive drive, have been muscled out due to poor funding and lack of requisite facilities to compete.

Freighting of project cargoes, which belong to government and multinational companies in Nigeria, are now being handled and dominated by foreign freight forwarding firms.

It was also learnt that the Federal Government’s ease of doing business policy to encourage foreign investors made way for the foreigners, who have deployed their resources to outmaneuver indigenous investors out of the business.

Disturbed over the development, the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) said foreigners had dominated the sector.

The Registrar of the council, Mr. Igwe Kingsley, however, said for indigenous freight forwarders to regain control and overcome the challenge, the sector needed adequate funding as it is capital intensive.