Forex, poor policies worsen abandoned cargo crisis

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Forex, poor policies worsen abandoned cargo crisis

The prolonged foreign exchange scarcity and poor policies have led to increased volumes of overtime and abandoned cargoes at various ports across the country, writes ANOZIE EGOLE

The persistent foreign exchange scarcity in the country has adversely affected almost every facet of the economy. The forex scarcity, which has been attributed to oil theft in the Niger Delta, has significantly affected the country’s crude oil production output. Nigeria gets over 90 per cent of its forex earnings from oil sales.

The Chairman of Shell Companies in Nigeria, Dr Osagie…

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