Nigerian shipping companies have reported over N752.25 billion($1.3 billion) loss in the shipment of Premium Motor Spirit (PMS) in two years to Nigeria. The local shipping companies said theyrecorded losses from petrol product imports by Nigerian National Petroleum Company Limited (NNPCL) in 2021 and 2022 Nigerian ship owners are facing difficulties competing with their counterparts with huge revenue losses The ship owners are calling on the government to revisit the Cabotage Act 2003 to help them compete Lawmakers have stepped in to offer assistance and address the challenges, Nigerian shipping…
Read MoreCapital Flight: Nigerian Ship Owners speak out as NNPC spends over N752bn ($1.3Bn) on petrol import using foreign vessels
