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Nigeria missing in $400bn global seaborne trade

Today, over 90 per cent of world trade is borne by sea and the real time growth in world Gross Domestic Product (GDP) in the last two decades is 73 per cent.

Nigeria missing in $400bn global seaborne trade
30 July 2020 - 10:33 - Update: 30 July 2020 - 10:38

Presently, the global seaborne trade is estimated to be about $400 billion. Unfortunately, Nigeria is missing out on this huge foreign exchange due to lack of active local participation in the international shipping trade as all the nation’s cargoes are borne by foreign shipping lines. This has been the situation for decades, since the decline of the first Nigerian National Shipping Line (NNSL). This has affected the nation’s ocean economy negatively, according to stakeholders.

For instance, Nigeria has never earned $1 freight since 1968 because it does not own vessels to lift its own crude oil.

Speaking with Daily Sun via telephone, Managing Director of Kamany Marine Services Limited, Charles Okorefe, said a lot needs to be done, adding that  enabling environment needs to be provided first and foremost for Nigeria to fully participate in the international seaborne trade.

According to him, Nigeria has not been postioned to reap of the enormous benefits of international seaborne trade because it does not own vessels to frieght its cargoes, saying that the first step is for the local industry to put its house in order.

Source: The Sun (Click for further of the article)

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