Nigeria: Weak maritime sector worries stakeholders

Weak maritime sector worries stakeholders
Bayo Akomolafe December 17, 2018 https://www.newtelegraphng.com/2018/12/weak-maritime-sector-worries-stak...

Stakeholders in the maritime industry have said the Nigerian maritime sector was too weak and may not be able to compete favourably with its contemporaries around the world.
They noted the non-capturing of the maritime sector in the nation’s Gross Domestic Product (GDP) was worrisome and disturbing.

A lecturer at the Lagos Business School (LBS), Dr Frank Ojadi, who stressed the need by government to administer the ship acquisition fund to enable the country harness its huge maritime potential at the dinner/annual Nigerian Maritime Award (ANMA) organised by journalists in Lagos, urged the Federal Government to urgently disburse the Cabotage Vessel Finance Fund (CVFF) for the development of the maritime sector.

He explained that nobody could pin down what the Nigerian maritime industry had contributed to the GDP because 80 to 90 per cent of vessels that came into the country were foreign vessels.

The foreign vessels owners repatriate the profit accrued from the shipping business in Nigeria to their various countries, thereby making it difficult for Nigeria to retain the money in the economy.”

Ojadi further said that the Maritime University, Okerenkoko, Bayelsa State, should be pursued and actualised for training of capacity in the maritime industry.
However, President, Association of Nigerian Licenced Customs Agents (ANLCA), Uju Tony Nwabunike, who chaired the occasion, called for quick completion of the port access roads.

Nwabunike, who was represented by the vice president of the association, Kayode Farinto, decried lack of consistent policies in the maritime industry.
He said: “No consistent policy to drive the maritime industry, no port development plans like other developed countries.”