Nigeria’s pricey waters
It’s not just pirates who are coining it in.
Piracy – Foreign Shipping Firms Pay N14 Billion to Escort Vessels in Nigeria
By Yusuf Babalola
Lagos — Due to the volatile nature of Nigeria waterways, foreign shipping companies spend over N13.76 billion ($45 million) annually to escort their vessels from one point to another on Nigeria’s waterways, LEADERSHIP has learnt.
About four major international shipping companies operate in the country including Maersk Line, Mediterranean Shipping Company, Grimaldi and CMA/CGM in addition to smaller foreign and local shipping companies operating on the waterways.
To continue reading, please click here.