REPS MOVE TO DIVERSIFY REVENUE SOURCES THROUGH MARITIME SECTOR

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In view of the economic downturn in the country due to the over dependence on oil as the nation’s main source of revenue efforts are been made to diversify the economy through other means. Lawmakers in the House of Representatives are of the view that the maritime industry is one sector that can be exploited to help give the economy the needed boost.

A bill for an act establishing the National Marine Insurance bureau may be in the works as an agency to take charge of the collection of insurance levies on all charges of crude oil or gas leaving the country has passed through second reading.

The Lawmaker observes that the nation is losing billions of dollars in capital flight as a result of the activities of foreign insurance companies who are monopolizing the Marine Insurance sector in the country.

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