The Sea Empowerment and Research Centre (SEREC) reveals that fully implementing the International Cargo Tracking Note (ICTN) could save Nigeria an estimated N900 billion yearly by plugging revenue leakages. Dr. Eugene Nweke, SEREC’s Head of Research, shared these insights in Abuja, highlighting that ICTN could cut cargo clearance times by 25-35% and reduce trade malpractices by 40% within 18 months, elevating Nigeria’s standing in regional maritime trade.
ICTN is a trade facilitation system aimed at improving cargo transparency, security, and efficiency by enabling pre-arrival cargo data processing, reducing demurrage costs, and curbing illicit trade. Despite Federal Executive Council approval in 2023, Nigeria has yet to implement ICTN—a delay costing the nation between N800 billion and N1.2 trillion annually in lost revenue and increased trade fraud. Countries like Ghana and Senegal have seen customs revenue rise by up to 22% and clearance delays drop by 30% after ICTN adoption.
Dr. Nweke emphasized that Nigeria must integrate ICTN with other modernization efforts like the National Single Window (NSW) to avoid fragmented data systems and ensure stronger national security and investor confidence. Delaying ICTN threatens revenue loss, security risks, and international compliance failures.
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