Nigeria To Bar Vessels Without Licences From Operating In Nigerian Waters

Most of the vessels that use Nigerian waters are owned by foreign companies. They mostly transport crude oil for international oil companies.

The regulator said the new regime would also apply to vessels whose licences have already expired.

The government is pushing to boost revenue and increase it foreign exchange earnings after the new coronavirus pandemic triggered a collapse in the price of oil, Nigeria’s main export.

Levies — import duties and shipping charges including taxes — are big revenue earners for Nigeria, which relies on international trade, especially oil exports.