A maritime lawyer has said that the Nigerian maritime industry has the capacity to generate N7 trillion annually, noting that the industry losses over $1 trillion to foreign players in the local shipping industry due to non-disbursement of the Cabotage Vessel Financing Fund, CVFF.
Akabogu also said that the industry can also adequately contribute to the nation’s Gross Domestic Product, GDP, adding that the maritime sector is potentially the largest economic sector outside of oil and gas.
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