Section 16: Foreign exchange earnings from ships.

(1) Notwithstanding anything to the contrary in any other enactment, as from the commencement of this Act the Federal Government shall allow indigenous shipping companies to keep 25 per cent of their net foreign exchange earnings abroad, to enable them off-set handling charges and any other costs incurred in respect of shipping services rendered by them.
(2) The remaining 75 per cent of the net foreign exchange earnings of indigenous shipping companies shall be remitted through the Central Bank of Nigeria.