No more deposit fee: Shipping firm cancels container charges, give date for implementation

• The Nigerian Shippers' Council has approved CMA CGM Nigeria Shipping Limited’s removal of the container deposit requirement for all new bookings starting May 21, 2025
• This policy change aims to reduce financial burdens on shippers, improve transparency, and streamline operations within Nigeria’s maritime sector
• The Council encourages all shipping companies to adopt similar customer-focused measures to enhance service delivery and competitiveness

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Nigerian Shippers' Council (NSC) has approved CMA CGM Nigeria Shipping Limited's proposal to formally eliminate the container deposit requirement for all new reservations as of May 21, 2025.

Speaking on the sidelines of the Council's Public Relations Unit 2025 Annual Retreat in Lagos, which was themed "Team Building: Strategic Planning: Sharing Ideas to Stay Ahead of Competition," the council's Executive Secretary, Dr. Pius Akutah, said the development came after extensive stakeholder engagements and is a major step towards fostering a more effective, customer-friendly shipping environment in Nigeria.

According to Dr. Akutah, the initiative is a significant part of continuous efforts to lower trade barriers, improve compliance, and increase competitiveness at Nigerian ports. He added that the policy change would reduce shippers' financial burden, cut down on refund disputes, and further propel reforms throughout the maritime industry.

“You know, container deposits have been one of the major complaints from most of our stakeholders. Shippers complain about the container deposits and the cumbersome process involved. Often, they even lose the money. So, we’ve been working on this for some time now. The Minister has directed us to look into it as quickly as possible and see how we can resolve it.

“We have engaged with the shipping companies and some other companies planning to introduce insurance policies to cover this, rather than requiring deposits.

“So, we’ve been speaking with most of these shipping companies, and for CMA CGM, we have engaged with them privately as well to discuss this issue of container deposits. They have taken the bull by the horns to remove this deposit entirely,” Dr. Akutah stated.

The head of the Shippers' Council added that the elimination of the container deposit aligns with industry-wide demands for more economical and transparent procedures throughout the port and logistics value chain.

However, Leadership reported in the interest of equity, openness, and increased service effectiveness, the Council urged all shipping companies doing business in Nigeria to implement comparable customer-focused policies.

Meanwhile, CMA CGM formally informed the Council that the decision was made in response to insightful customer feedback gathered over the years.

They underlined that the action is intended to improve service delivery, streamline operational processes, and simplify logistics.

CBN slashes customs exchange rate to clear goods

Legit.ng reported that the Central Bank of Nigeria (CBN) has slashed customs exchange rates for importers clearing goods at the ports.

According to data from Nigeria's trade portal, importers looking to clear goods will pay N1,579.941 per dollar from Monday, May 26, 2025.

The latest rate represents a 1.14% or N18.28 reduction compared to the N1,598.22/$ exchange rate quoted on Monday, May 19.

Source: Legit.ng