The giant of Africa, Nigeria, has enlisted in the prestigious and most modern logistic cartel whose main objective is to especially promote trade between the world’s South-South regions.
Speaking on the importance of Nigeria coming on board the WLP, and the inherent benefits therein, the Minister of Transportation, Mr Rotimi Amaechi, enthused, “Joining the WLP is about bolstering global trade opportunities for Nigerian businesses and accelerating Nigeria’s already fast-paced growth”.
The Minister said further that, “the WLP will help…. by providing benefits to businesses such as priority handling and faster clearance – helping to reduce supply chain costs and increase trade volumes.”
Group Chairman/CEO of the leading organization among the agencies instrumental to the formation of WLP in Dubai, DP World, His Excellency, Sultan Ahmed Sulayem, said WLP “view West Africa as a long-term growth market, with Nigeria spearheading growth in the region”.
He added that “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,” Sultan Ahmed Sulayem said.
The Chief Executive Officer, CEO, of WLP, Mike Bhaskaran, expressed delight in having the leading economy in West Africa in its fold.
Mike Bhaskaran, who is also the Chief Operating Officer, COO, for Logistics and Technology of DP World, noted that the continued expansion of the WLP across Africa will help to deliver on the vision of the African Continental Free Trade Agreement, AFCfTA, by reducing end-to-end costs across the logistics chain in Africa, boosting intra-regional trade, and opening up competitive access to new international markets for African companies.
Nigeria joined the WLP alongside other African nations including South Africa, Senegal, Morocco, Kenya, Ethiopia, Botswana, Zimbabwe, Mozambique, Burkina Faso and Guinea.
Africa’s giant is the largest economy in Africa, with a vibrant and diverse industrial base and rapidly expanding regional and global trade interests. In 2019, product exports totalled $63.8bn with trade accounting for 25% of GDP.
With access to the WLP network, Nigerian traders will 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.
The Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, is the coordinating partner for all trading activities under the auspices of WLP.
CRFFN is the national regulator of the freight forwarding industry in Nigeria, promoting the growth and global competitiveness of the freight forwarding sector for the benefit of the Nigerian economy and the commercial success of its member companies.
Nigeria is the 11th country in Africa to join the WLP. And the fifth strategic Hub with enormous influence in the ECOWAS.
OBJECTIVES OF WORLD LOGISTICS PASSPORT- WLP
The World Logistics Passport is a global, private sector-led, initiative designed to ease the flow of global trade, unlock market access and provide economic efficiencies to members.
It is free to join and open to all. It’s to break barriers of economies to trade, connect and facilitate cooperation between and among various global and regional markets.
Dubai’s World Logistics Passport (WLP) initiative, also offers a range of financial incentives to use the Emirates’ logistics services and expertise.
The WLP works by offering a sustainable rewards program to passport holders. It uses a point-based loyalty scheme that provides shipping companies, traders and government entities with incentives to use Dubai’s advanced logistics facilities in exchange for savings in costs and time, and improved customs clearance.
It also offers faster tracking of freight movement, lower administrative costs, and access to advanced shipping information, such as the time required for the movement and clearance of goods.
There are three categories of membership: silver, gold and platinum, so it can provide flexibility in meeting its passport holders’ differing needs.
The WLP is specifically targeting South-South trade, which covers trade between developing countries across Asia, Africa and Latin America. South-South trade is already worth an estimated US$4.28 trillion annually, representing more than half of all developing countries’ exports in 2018, according to the World Trade Organization.
WLP was formally launched at the World Economic Forum 2020 in Davos, Switzerland. WLP is the brainchild of Dubai’s Customs World, global terminal operator DP World, and global aviation firm Emirates Group.Share