By Favour Nnabugwu
THE Federal Government is targeting banks and
insurance companies to finance the national
shipping carrier, following the withdrawal of a
Singaporean liner, Pacific International Lines
(PIL), from the initiative.
File: insurance
The Singaporean shipping company, with over a
hundred ships in its fleet world-wide, had said
that it would not be able to cope with the shipping
policies in the country as government was
reluctant to amend the loopholes in the Maritime
Act.
However, the Executive Secretary of the Nigerian
Shippers’ Council (NSC), Hassan Bello, said that
new options will be explored by government to
involve the banks, insurance companies, the flag
administration and nautical colleges to establish a
befitting national fleet flying Nigerian flag.
Speaking at a press briefing in Abuja, Bello said
that the country will change from its current
terms of trade, Free on Board (FoB) to Cost,
Insurance and Freight (CIF).
Bello stated: “We have to involve the banks,
insurance, the flag administration, nautical
colleges, policies as well as laws that can make
the country change from Free on Board (FoB) to
Cost, Insurance and Freight (CIF) and others.”
Bello explained that despite the withdrawal of PIL,
there were still many options opened to bidders.
He noted that the ministerial fleet implementation
committee constituted by the Minister of
Transportation, Mr. Rotimi Amaechi, will ensure
the refloating of the Nigerian National Shipping
Line to meet its mandate.
https://www.vanguardngr.com/2018/06/fg-targets-insurance-firms-others-fund-national-shipping-fleet/

Fantastic! This is the way to grow an economy, you don't have a proper economic growth without assets like this and National Airline and a host of other national assets that will provide jobs and services and bring in foreign exchange

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