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The President of the Nigerian Chamber of Shipping, Aminu Umar, says rising insecurity and poor government policies have forced about 50 per cent of trading vessels to exit Nigerian waters in the past one year.
He said that the development had led to a scarcity of ships in the West African region, adding that the situation had pushed up freight rate by 70 per cent.
According to him, there is a stronger market for vessels in Europe than in Africa due to the ongoing Russia-Ukraine war.
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