Inefficiencies in maritime legal systems are exacerbating global trade costs, according to remarks from Nigerian officials at the 18th International Maritime Seminar for Judges.
The Federal Government has pledged to implement actionable recommendations from the seminar, acknowledging that judicial delays directly hurt trade efficiency and inflate the cost of goods.
This development arrives as maritime shipping costs have already climbed to a four-year peak.
The surge is driven by a convergence of aggressive pre-tariff ordering and persistently high fuel expenses, creating a structural tightening in container capacity.
Legal bottlenecks in key jurisdictions add another layer of friction to an already strained supply chain.
Operational planning for shipping companies is further complicated by geopolitical uncertainties.