After losing $47.25 billion freight earnings to foreign liners in Nigerian coastal trade since 2004, the government has decided to put an end to cabotage waivers enjoyed by foreign shipping lines in order to boost indigenous capacity.
After two decades of its enactment, the waiver clause in the Coastal and Inland Shipping (Cabotage) Act of 2003, which has prevented local ship owners to fully participate in Nigerian coastal trade in the coastal trade, is set to be canceled.
For decades, Nigerian ship owners have not benefited from the $2.25 billion freight enjoyed yearly by their foreign counterparts from exports of about 900 million barrels of petroleum products.
Read more at Newtelegraphng
After two decades of its enactment, the waiver clause in the Coastal and Inland Shipping (Cabotage) Act of 2003, which has prevented local ship owners to fully participate in Nigerian coastal trade in the coastal trade, is set to be canceled.
For decades, Nigerian ship owners have not benefited from the $2.25 billion freight enjoyed yearly by their foreign counterparts from exports of about 900 million barrels of petroleum products.
Read more at Newtelegraphng