Friday, May 7African Business News
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Tag: Maritime

NSML: Driving sustainable shipping to transform Nigeria into proud maritime nation

NSML: Driving sustainable shipping to transform Nigeria into proud maritime nation

Maritime
As a maritime nation, Nigeria is yet to take its rightful place in the comity of maritime nations. This is because the nation’s inland and international shipping business is presently dominated by both foreign-owned and crewed ships, leaving very little to Nigerian-owned vessels and seafarers, despite the existence of Coastal and Inland Shipping (Cabotage) Act as well as Local Content Act. These acts were enacted with the aim of restricting the use of foreign vessels to trade in and out of Nigeria, and promote the development of indigenous tonnage for the purpose of job creation. Years down the line, Nigerian economy still loses billions of dollars annually as freight cost paid on import and export cargoes to foreign-owned ships, while many Nigerian seafarers roam the streets wi...