Consumers May Lose $240 Billion in Rising Fuel Costs in 2020—Says NSC Boss

By Gift Olivia Samuel, The Sight News

ABUJA: The Executive Secretary /CEO Nigeria Shippers’ Council, Barr. Bello Hassan, has stressed on the need to give priority to measures that would improve service delivery at ports.

Bello said this on Tuesday during the Sub-regional sensitisation workshop themed: Status of Convention on Facilitation of International Maritime Traffic (FAL Convention) in Union of African Shippers Councils UASC, member States in Abuja.

The NSC boss stressed on the need to pay close attention to the most dramatic fuel regulation changes ever implemented, considering the economic impact, adding that the ripple effect of this change could have significant implications on the global economy.

He pointed out that rising fuel costs means rising freight rates with the majority of the cost being passed on to consumers, adding that it is estimated that the total impact to consumers’ wallets in 2020 could be around 240 Billion US Dollars.

According to him, “the sub-region is expected to pay priority attention to measures that will make our ports more user-friendly and attractive to international trade.

“It is therefore in the best interest of the sub-region to play significant roles in the successful implementation of International Conventions and Agreements as well as Regional Agreements relating to the facilitation of Trade and Transport”, he said.

He also emphasized that the FAL Convention’s main objectives are to: Prevent unnecessary delays in maritime traffic; Aid cooperation between governments; Secure the highest practicable degree of uniformity in formalities and other procedures; and to Reduce the number of declarations which can be required by public authorities to just eight (8).

In his words, “We need to work assiduously to ensure that necessary measures are put in place to reap the full benefits of the FAL convention by improving service delivery at our ports.

“Concrete actions will greatly minimize delays and reduce the cost of doing business.

“For the FAL Convention to be effectively implemented, there is a need for domestic legislation to give effect to the provisions, therefore, an appropriate implementing legislation must be drafted at the national levels”, he remarked.

The convention which brings together economic development agencies, is to protect the interest of the National economies of Member States.

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