Nigeria has joined the World Logistics Passport (WLP) as its newest hub, with the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) as the coordinating partner.
With access to the WLP network, Nigerian traders should have the opportunity to enhance the connectivity and efficiency of their cargo operations. This, in turn, will open up trade routes, allowing for faster, cheaper access to new markets, particularly in Asia, Latin America and across Africa.
Nigeria is the largest economy in Africa. In 2019, product exports totalled $63.8-billion, with trade accounting for 25% of gross domestic product.
The WLP is a global, private sector-led initiative aimed at smoothing the flow of global trade and unlocking market access through the creation of new trade routes.
Traders and freight forwarders are said to receive increased benefits the more they trade through WLP hubs.
These benefits include cost and time savings, as well as faster clearances. Unlocking these benefits allows traders, nations and regions to gain access to new markets, diversify trade in existing products and increase market shares in key export products.
As demonstrated in fully operational hubs, traders and freight forwarders that are members of the WLP can expect to have a yearly average increase of up to 5% to 10%, says the WLP.
“We view West Africa as a long-term growth market, with Nigeria spearheading growth in the region,” says logistics group DP World chairperson and CEO Sultan Ahmed bin Sulayem.
“The WLP helps deliver economic growth and create jobs by boosting trade, principally by making a country’s products more competitive through more efficient supply chains.
“For Nigerian traders, this means discovering new opportunities through our network across the African continent and beyond.”
Nigeria has joined the WLP alongside the following African nations: South Africa, Senegal, Morocco, Kenya, Ethiopia, Botswana, Zimbabwe, Mozambique, Burkina Faso and Guinea.
“Joining the WLP is about bolstering global trade opportunities for Nigerian businesses and accelerating Nigeria’s already fast-paced growth,” says Nigeria Minister of Transportation Rotimi Amaechi.
“The WLP will help deliver this by providing benefits to businesses such as priority handling and faster clearance, helping to reduce supply-chain costs and increase trade volumes.”