NACCIMA Calls on MIS to Implement Container-Insurance Law, End Deposit Fees

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged stakeholders in the maritime and insurance sectors to implement a container-insurance model and phase out the traditional refundable container deposit system at Nigerian ports.

During a recent sector-wide engagement, NACCIMA highlighted the high costs and inefficiencies associated with the current deposit regime, where importers pay large sums upfront for use of shipping containers and often face delays or forfeitures in refunds. Industry sources note that the refundable deposit system has been described as “exploitative” and a barrier to smoother trade.

Under the newly proposed framework, importers or freight forwarders would instead pay a modest insurance premium to cover container use and return obligations, shifting the risk from the shipper to the insurer. This would align with international best practices and reduce cash-flow burdens on traders.

NACCIMA also pointed to legislative backing for the initiative, referencing efforts to amend shipping-and-logistics laws to accommodate insurance-based models rather than deposit refunds. The group called on regulatory agencies, insurance firms and shipping lines to cooperate in bringing the container-insurance regime into full effect.

Oshuniran Sheriff Ola