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Nigerian ship owners struggle with importation cost

The Ship Owners Association of Nigeria (SOAN) has expressed worry over the 14 percent importation cost on Nigerian vessels.They said they are unable to compete favourably with foreign ship owners, who pay one percent custom bond on their vessels, as their countries provide them with incentives, enabling them to have more advantage.

The Chairman of SOAN, Mr. Greg Ogbeifun noted on Oct. 28 that the number of fleets in the country has dwindled over time, because of inability to compete with foreigners.

He added that governments of nations with vibrant shipping line provide incentives for their maritime industries and called for zero duty import charge on vessels.

Read more on The Guardian.

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