Shipping and Logistics, Economic Development, Nigerian History, Trade Relations, Post-War Economy, Independence Movements, Maritime History, Business Growth, National Policies, Oil Industry

DRUM . 01 June 1966 . Pg 34

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The text discusses the establishment and growth of the Nigerian National Shipping Line (Nigerline), which was created to increase Nigeria's share in maritime trade, particularly between the port of Antwerp and the West Coast of Africa. Historically, this trade was dominated by European shipping lines until the Second World War, which shifted the dynamics. Following the war, new shipping companies emerged, including those from the Netherlands and Scandinavia. As Nigeria approached independence, there was a growing demand for an independent economic policy, leading to the formation of Nigerline in 1959. With an initial capital of £2 million, the company quickly expanded its fleet and became profitable within its first year, reducing Nigeria's reliance on foreign shipping lines for trade.

Summary

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The text discusses the establishment and growth of the Nigerian National Shipping Line (Nigerline), which was created to increase Nigeria's share in maritime trade, particularly between the port of Antwerp and the West Coast of Africa. Historically, this trade was dominated by European shipping lines until the Second World War, which shifted the dynamics. Following the war, new shipping companies emerged, including those from the Netherlands and Scandinavia. As Nigeria approached independence, there was a growing demand for an independent economic policy, leading to the formation of Nigerline in 1959. With an initial capital of £2 million, the company quickly expanded its fleet and became profitable within its first year, reducing Nigeria's reliance on foreign shipping lines for trade.