Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
In spite of the ongoing Russia-Ukraine war, Nigeria has re-established its link with Russia for potassium and will take June 2022 delivery of 35,000 metric tonnes of basic raw materials for fertilizer production from Russia. Another 70,000 mt will come from Canada.
Nigeria Sovereign Investment Authority (NSIA) Managing Director and CEO Uche Orji explained in a media briefing that Nigeria has secured LCs for three vessels carrying the materials.
As quoted in Nigerian Tribune, Orji added that “subsequent transactions will likely come from Russia just because it saves us time, it’s one week shorter in terms of sailing time for the vessel from Russia versus Canada.”
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
