This new encouragement was a fall out from the stakeholders’ engagement on changing Nigeria’s crude oil affreightment trade term from FOI to CIF which was organised by Nigerian National Petroleum Corporation (NNPC) and the Nigerian Maritime Administration and Safety (NIMASA) held on Tuesday at the NNPC Towers in Abuja. Regrettably, Indigenous shipping operators have an insignificant share of the freight earned from the carriage of Nigeria’s crude compared to foreign counterparts”. He, however, noted that the NNPC also sees benefits in the CIF trade term but processes have to be followed which may include transition period before finally opting for the CIF trade term. Temisan Omatseye a former DG of NIMASA who is also a Shipowner pointed out that there is a lot of benefit in the CIF trade term. He stated further that it would eliminate crude theft, create employment and ultimately compliment the diversification drive of the Federal Government.

Source: Nigerian Tribune January 16, 2018 18:33 UTC