(The Punch, Friday June 28, 2019, Page 32)
Nigeria is losing about $9bn annually to foreign ship owners because the country has no single vessel that is involved in International Freight Services.
Nigeria makes nothing from the billions of dollars spent by importers and exporters as freight fee to owners of vessels , as no Nigerian or Nigerian firm has a ship that moves cargo internationally.
The Executive Secretary and Chief Executive Officer, Mr. Hassan Bello, who disclosed this at a one day seminar of Abuja Transport and Aviation Correspondents Association (ATACA) in Abuja, however, noted that government was working hard to make Nigerian firms own vessels in order to partake in the revenue being generated from global freight services.
He said in 2005 alone, Nigeria spent $9bn on freight and not a single ship is owned by a Nigerian or Nigerian firm. Meaning that this huge revenue went to freight vessel owners and this development may have changed
