PPPRA laments domination of Nigeria’s freight sector by foreigners

Petroleum Products Pricing Regulatory Agency, PPPRA, has expressed dissatisfaction over foreign ship owners’ domination of Nigeria’s oil maritime and petroleum products freight services.

Speaking at the inauguration of two double hulled oil vessels — MT Adeline and MT Emmanuel — acquired by Rainoil Limited, Reginald Stanley, Managing Director, PPPRA, called for increased patronage of local fender providers in Ship-to-Ship operations, saying this will help build a strong synergy among local ship operators.

He said, “The domination of the oil maritime services by foreign fender providers is not in the best interest of the country, given the Federal Government’s transformation agenda, aimed at boosting the capacity of indigenous operators to play active role in Nigeria’s economic development.

According to him, a situation where foreign fender providers dominate the market should be discouraged, adding also that the new acquired vessels would boost maritime operation and reduce the unit cost of freight.

Stanley said the investment in the acquisition of the vessels is a significant milestone and a big boost to the nation’s economy, especially in the areas of foreign exchange conservation, reduction in the cost of freight of petroleum products, employment opportunities and speedy distribution of products across the country.