Forex Volatility: Operational Activities at Nation‘s Ports Nosedive Further – THISDAY

Eromosele Abiodun

Following the foreign exchange crisis in the country and the exclusion of 41 items from access to forex, the level of operational activities at the port locations in first quarter of 2016 dropped significantly when compared with the same period of 2015.

The first quarter 2016 operational report released by the Nigerian Ports Authority (NPA) revealed that though all cargo types declined during the period, container and general cargo traffic contributed significantly to the overall drop in cargo throughput.

Consequently, the NPA said there is urgent need to complement its investment in infrastructural renewal and automation of Nigerian port operations, by generating enough export cargo to make up for the shortfall of import cargo being witnessed in the ports.

The shortfall, it added, could be attributed to the reduction in government expenditure (a laudable and broad plan of the government to rebuild the economy), the exchange rate volatility as well as global economic crisis.