Nigeria Loses N2Trilion To Capital Flight In Maritime Industry – ISAN

The Indigenous Ship owners Association of Nigeria (ISAN) has said that the Nigerian maritime industry is losing about N2trillion to capital flight annually.
Its Chairman, Dr Isaac Jolapamo who dropped the hint at the association’s extraordinary General Meeting which held in Lagos yesterday explained that the industry has the capacity to provide five million jobs for Nigerian youths.
He noted that the about 150 million tonnes of cargo are being moved per annum in the sector, with little participation by the local ship owners.

The Indigenous Ship owners Association of Nigeria (ISAN) has said that the Nigerian maritime industry is losing about N2trillion to capital flight annually.
Its Chairman, Dr Isaac Jolapamo who dropped the hint at the association’s extraordinary General Meeting which held in Lagos yesterday explained that the industry has the capacity to provide five million jobs for Nigerian youths.
He noted that the about 150 million tonnes of cargo are being moved per annum in the sector, with little participation by the local ship owners.
Jolapamo lamented that the industry had been floundering for a long time.
According to him, “it is disheartening to note that Nigeria has failed to take advantage of the vast potentials in the industry to get our youths employed”.“Nobody can solve our problems better than ourselves.”
The ISAN chairman stressed that India, Indonesia and Malaysia had used the maritime industry to improve their economies.
He added that no nation that neglected its maritime sector ever developed.
Jolapamo urged members of the association to focus on how to create jobs for the youths.
Echoing him, the Director General, Nigerian Maritime Administration and Safety Agency, Patrick Akpobolokemi who was represented by Mr Ibrahim Zelani, an executive director explained that a strong united ISAN would move the industry forward for the benefit of everybody in the country.
He added that Nigerian Maritime Administration and Safety Agency would support the association to grow the sector.
“We are interested in what is happening in ISAN. We would monitor your activities and support you. Without ISAN there cannot be NIMASA”, he assured.