Vunderkind
Social Member
Nigerian ship owners have lost over 90 percent market share of the nation’s estimated N2 trillion shipping business to vessels owned and crewed by foreign players, leaving locals to handle less than 10 percent share of the business, BusinessDay has learnt.
Industry watchers say this results in huge revenue losses to the economy as well the erosion of hundreds jobs that would have fed the sprawling labour market.
Over 50 percent of Nigerian-owned shipping companies have been thrown out of business such that most of the few remaining companies are trapped in repayment of bank loans worth over $3 billion (N480 billion), according to statistics from the Nigerian Ship owners Association (NISA).
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