Nigeria is said to be losing about $9.2 billion capital flight as cost of freight to foreign vessels operating in the country’s water.
Chairman, Starzs Investments Company Limited (SICL), Engineer Greg Ogbeifun, made this disclosure on Thursday at the 16th Marine and Technical Summit of the Association of Marine Engineers (AMES).
He said despite being positioned to be the maritime hub of the Gulf of Guinea, Nigeria’s freight trade is dominated by foreign vessels because of a lack of indigenous capacity.
Ogbeifun, who is also the Chairman of the Benin Port Project Technical Committee, said: “Nigeria’s geographical location along the Atlantic Coastline grants her a lot of access to shipping operations making Nigeria a crucial hub for marine activities.
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“Nigeria currently generates about 70 per cent of the total cargo between the West and Central African regions.
“When you look at Apapa Port, Tin-Can Port, Warri Port, Onne Port, and the newly established Lekki Port, all these ports are relevant in the carriage of Nigerian imports and export trade.
“Conservatively, Nigeria is losing about $9.2bn to foreign vessels’ dominance of her trade. We are the ones paying that money to the foreign vessel owners. Every Nigerian who imports or exports is paying hugely.”
Managing Director of Genesis Shipping, Captain Emmanuel Ihenacho, who also spoke at the event explained that the loss is much higher than the $9.2bn when petroleum product freight is factored into the calculation of what Nigeria is losing.
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