Poised to further protect the interest of Nigerian importers and exporters, the Nigerian Cargo Defence Fund has partnered with Nigerian Insurers Association to form a committee where stakeholders interact regularly to address challenges.
In a presentation to the export group of the Lagos Chamber of Commerce and Industry (LCCI) yesterday, the Secretary of Cargo Defence Fund; Mr. Okwudili Daniels said that the fund in collaboration with the Maritime Arbitrators Association of Nigeria has achieved enlightenment, drafting dispute resolution clauses for international trade contracts and standard form contracts for various imports and exports trades.
In the presentation titled ‘Understanding the Cargo Defence Fund’, he said that the Cargo Defence Fund ; a creation of the Nigerian Shippers Council has over the years, continued to enlighten Nigerian exporters on safe and secure payment methods and the use of letters of credit for shipments.
He told the LCCI that: "The joint committee of Cargo Defence Fund and Nigerian Insurance Association interact regularly and has developed procedures to claim successfully from insurance companies, settled many outstanding claims on shipments, developed an insurance cover with London Underwriters/ Nigerian Marine Underwriters so as to enable Nigerian exporters on Cost Insurance and Freight (CIF) basis or other similar shipment forms".
According to him, the fund has been working with other agencies to tackle the numerous challenges of importation.
"Before now, the fund was working with NEPC, NEXIM, banks and CBN on the myriad of problems confronting Nigerian exporters. The fund has tried to ensure that both those in the old and the emerging ones are sufficiently educated in these trades so as to avoid pitfalls. This is for the benefit of the nation if all exports proceeds are repatriated into the economy for its growth" he said.
He also applauded the Lagos Chamber of Commerce and Industry (LCCI) for their promotion on the ease of doing business recently introduced by the Vice President.
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