Nigerian shipping companies have reported over N752.25 billion($1.3 billion) loss in the shipment of Premium Motor Spirit (PMS) in two years to Nigeria.
According to the Newstelegraph, the local shipping companies recorded losses from petrol product imports by Nigerian National Petroleum Company Limited (NNPCL) in 2021 and 2022.
Speaking on the development, MkGeorge Onyung, the President of the Ship Owners Association of Nigeria (SOAN) explained that in 2022, NNPCL brought in about 400 petrol shipments through foreign shipping vessels. He noted that each shipment cost $1.5 million.
He said “That is, for each ship that brought in those 400 cargoes of PMS to Nigeria last year, they collected $1.5 million each. This year alone, the NNPC has already brought in about 260 shipments of PMS, and the price for this year is slightly higher than last year. Each shipment costs Nigeria $2 million. All the ships bringing in this PMS are foreign-owned; none are owned by Nigerians
“What does this imply? It implies that this year alone, Nigeria has lost about $600 million to capital flight in the process of bringing in PMS.
“Every day, ships bring in PMS to Nigeria. Every time a ship calls at our port with PMS, Nigeria loses $2 million.”
He further told Newstelegrah that if the country wishes to get her economy right, then there is need to disburse the Cabotage Vessel Financing Fund (CVFF).