The Ship Owners Association of Nigeria, SOAN, and the Nigerian Ship Owners Association, NISA, say about N2 trillion is lost annually by allowing foreign carriers to exercise dominance over the carriage of 150 million of Nigerian cargo, including crude and products, according Shipping Position Daily.
They attributed the loss by NIgeria to the Nigerian National Petroleum Corporation, NNPC’s, exclusive use of foreign shipping companies for transporting the Nigerian crude, which is sold on Free-on-board, FOB, rather than on Cost, Insurance and Freight, CIS.
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