Nigeria pays foreign ship-owners $45bn as charges

Foreign shipping lines are making a fortune from Nigeria as businesses coughed out $45 billion as freight charges between 2015 and 2019.
It is also expected that the charges would hit $60 billion as increases in charges were implemented in 2020 with a huge portion of the cost coming as premium on cargoes coming to Nigeria from War Risk insurance firms.
If indications are that War Risk Insurance (WRI) was removed from the Nigerian Ports Authority, NPA, figures, then the inclusion would have brought the total cost burden on Nigerian importers and exporters to the region of N32 trillion over the period.
The situation it is reported was the fallout of the collapse of the nation’s shipping line, the Nigerian National Shipping Line, NNSL, and the inability of the private sector to fill-in the gap.
Consequently, foreign shipping lines and cargo underwriters are said to have capitalized on the situation to impose freight charges and WRI most of which are only applicable to Nigerian cargoes…

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