According to the Nigerian Port Consultative Council (NPCC), the federal government has suffered large financial losses of over $900 billion as a result of its inability to enforce the Cabotage Law.
Enacted in 2003, the Cabotage Act seeks to limit the use of foreign vessels in local coastal trade while encouraging the growth of indigenous tonnage.
Speaking at the 2nd Quarter Citizens and stakeholders’ engagement meeting held in Lagos on Thursday, Chairman of the NPCC, Mr. Bolaji Sunmola, stressed the need for Nigeria to intensify its commitment to local content enforcement.
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