Friday, 25 May 2012
Nigeria Introduces Shipping Port Reform to Increase Trade
Even as the western economy continues to struggle to regain their footing, the economies in other regions of the world, continue to move full steam ahead. The advancements and improvements in Nigeria, is a perfect example.
Shipping traffic numbers for the last five years shows, have shown steady double-digit growth for the industry, and is profitable forecast is expected to continue; well into the future. This year, the Nigerian Port Authority expects more than 6,000 container ships to dock at their ports, compared to only 3689; in 2006. These figures are far above the shipping industry's predictions, and with demand on the rise, opportunities like shipping container investing and investments into port, channel and harbor improvements; are showing no signs of slowing down.
Five years ago, Nigeria introduced port reform with the intention of increasing trade, and their efforts have exceeded all expectations. Beforehand, ships would be idle at the docks from two to four weeks. Investors know that this is a lot of down time, and that ships must be kept moving to make money. Nowadays, with the reforms in place, shipping container vessels are back on their way; in just a matter of days.