Nigerian importers face N58bn extra shipping costs ahead of Christmas

Nigerian importers face a potential N58 billion increase in shipping costs ahead of Christmas following CMA CGM’s new peak season surcharge, raising concerns about higher consumer prices, reduced import volumes and increased financial pressure on businesses.

Nigerian importers face additional shipping costs ahead of Christmas following new peak season surcharges introduced by French shipping company CMA CGM.

According to New Telegraph, the $700 surcharge initially announced for Nigeria-bound containers could raise import costs by approximately N58 billion before year-end.

The charge followed an earlier $350 tariff on dry and refrigerated cargo from China.

Industry estimates indicate that the additional charges could affect 60,416 twenty-foot equivalent units, increasing financial pressure on traders and manufacturers.

Former Acting President of the Association of Nigerian Licensed Customs Agents, Kayode Farinto, warned that higher freight costs could force importers to reduce shipments or increase consumer prices.

He noted that cargo traffic traditionally rises during the Christmas trading season.

Meanwhile, CMA CGM subsequently revised its tariffs, effective November 8, to $550 or $950 per unit, depending on the Chinese origin region. cma-cgm.com

Shipping companies have also faced rising operational costs linked to Red Sea insecurity and longer maritime routes.