Maritime experts have called for immediate action to unlock Nigeria’s maritime potential for sustainable growth of the Blue Economy.
The experts made the call during the 30th anniversary of Port News, being the first maritime newspaper, held in Lagos on Thursday.
The experts emphasised that the maritime industry is a crucial part of Nigeria’s economy, consistently generating revenue despite various economic challenges.
They, however, noted that the sector still faced significant challenges, including inadequate infrastructure, lack of investment, and a shortage of skilled personnel.
Mr Wale Oni, Publisher of Port News, emphasised the maritime industry’s importance to Nigeria’s economy, lamenting that the country has yet to fully harness its potential in the marine and blue economy sectors.
Oni commended the efforts of the Nigerian Maritime Administration and Safety Agency (NIMASA) for keeping the Cabotage Vessels Finance Fund (CVFF) intact for over 20 years.
He questioned why the funds had not been released to support indigenous ship owners.
“The CVFF has accumulated over $800 million, but the funds remain unutilised, depriving the industry of much-needed investment.
“The country’s maritime industry is dominated by foreign operators, with local players struggling to compete, which reduces investment opportunities for indigenous operators.
“Nigeria has a shortage of skilled seamen and maritime professionals, leading to a reliance on foreign expertise,” Oni said.
He stressed the need for a vibrant Cabotage regime, investment in infrastructure, and training programmes for Nigerian seamen.
The publisher called on stakeholders to collaborate and address the industry challenges to unlock the country’s maritime potential.
Similarly, Capt. Ladi Olubowale, the Guest Lecturer and President of the African Ship Owners Association, shared his expertise on the way forward for the industry.
Olubowale urged the government to release the CVFF fund to support indigenous ship owners and stimulate growth in the industry.
He emphasised that both the government and private sector should invest in maritime infrastructure, such as ports, terminals, and shipping facilities.
Olubowale recommended that periodical programmes should be established to train and develop Nigerian seamen and maritime professionals.
“The maritime industry has the potential to be a game-changer for Nigeria’s economy.
“It is time for stakeholders to come together and work towards unlocking the country’s maritime potential,” Olubowale said.
