now browsing by category
HOPE RISES FOR NIGERIAN SHIPPING COMPANIES ON CABOTAGE FUND, CRUDE LIFTING
It is on record that no fewer than 90% of shipping companies owned by Nigerians have either completely shut down their operations or are barely struggling to survive. Of all the existing companies, only two can be said to be operating viable businesses while others, representing 83% of the companies are either completely dead or are in comatose condition. Findings also revealed that all the companies are heavily indebted to banks and are mostly unable to service the loans they took to buy ships.