‘Nigeria’s $9bn Freight Loss Exposes Failure To Grow Indigenous Shipping’

Nigeria loses an estimated $8bn to $9bn annually in freight earnings to foreign shipping companies, exposing the country’s failure to build a strong indigenous shipping industry despite having Africa’s largest economy and ship-owning fleet, a maritime industry leader, Captain Ladi Olubowale, has said.
Olubowale, the immediate past President of the Africa Shipowners Association (ASA) and Group Managing Director of Seamate Maritime Services Limited, said Nigeria’s prolonged inability to establish a functional national shipping carrier and disburse funds meant to support indigenous shipowners had continued to deny the country substantial economic benefits.
Investigations Fail To Substan...