In view of the declining oil revenue in the country, the Chairman Sifax Group, Dr Taiwo Afolabi has stressed on the need to transition from an oil-dependent economy to non-oil reliance. This is even as he noted that the non-oil sector is increasingly becoming the mainstay of the country’s economy.
Speaking during his welcome address at the 5th Taiwo Afolabi Annual Maritime (TAAM) Conference organised by the Maritime Forum, University of Lagos on Friday, Dr Taiwo Afolabi noted that the maritime industry if well harnessed has the potential to become a major revenue earner for the country.
Dr Afolabi who was represented by the Managing Director, Sky Capital, Mr Bode Ojeniyi maintained that the maritime industry in Nigeria is grappling with various issues including infrastructural deficit, foreign exchange bottleneck, insecurity in our waterways, low level of technology adoption and deployment as well as inconsistent policies, among others.
According to him, these issues have largely limited the ability of the sector to contribute significantly to the country’s Gross Domestic Product (GDP). Afolabi stressed that the maritime sector will play a crucial role in the economic transition if more attention is committed to the industry.
He noted that the development of new ports and inland container depots across the country is a testament of the abiding faith of investors in the industry, even as he added that linking the seaports to dry ports located at hinterlands with rail lines will certainly be a game-changer if sustained.
In his words: “The lessons of the last few years as a nation should not be lost on us. The non-oil sector is increasingly becoming the mainstay of the country’s economy. We have funded our national budget in the last few years majorly without proceeds from oil but from other sectors. The days of our over reliance on oil is behind us now and it’s about time we focused on transitioning from an all-dependent economy to non-oil reliance.
“The maritime sector, I can say without any fear of contradiction, will play a crucial role in this economic transitioning if more attention is committed to the industry. It is without doubt that the maritime industry in Nigeria is grappling with various issues including infrastructural deficit, foreign exchange bottleneck, insecurity in our waterways, low level of technology adoption and deployment as well as inconsistent policies, among others.
“These issues have largely limited the ability of the sector to contribute significantly to the country’s Gross Domestic Product (GDP). If well harnessed, the maritime industry has the potential to become a major revenue earner for the country, particularly with the declining all revenue.
“TAAM Conference was birthed to serve as platforms where key issues that will engender innovations and practical ideas needed to sustain growth of the maritime sector are discussed with workable solutions are proffered to challenges confronting the sector” Afolabi noted concluded.
On his part, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh during his address, noted that the theme of the event “The Maritime Roadmap Project Making Nigeria A Leading Maritime Nation In The World” encompasses a plethora of contemporary issues within Nigeria’s maritime domain and the international shipping industry at large.
Jamoh was who represented by NIMASA’s Director of Audit, Mrs Olamide Ogunsanya said that over the years Nigeria has been able to meet some universally accepted criteria for evaluating the status of maritime nations which include capacity in shipbuilding and repairs, depth of its financial markets and banking system, existence of fiscal and monetary incentives, availability of institutions for the training and certification of seafarers, general sea consciousness and cultural affinity amongst others.
The DG of NIMASA stressed that Nigeria remains largely a work in progress when compared to some of the global maritime powers who have mastered seaborne trade for several centuries. He stressed on the importance of stakeholders collaboration adding that the future is bright for Nigerian shipping.
“We must say that Nigeria remains largely a work in progress when compared to some of the global maritime powers who have mastered seaborne trade for several centuries. We make bold to say however that we have earned the right to be taken seriously and respected at the international level.
“Our position as a regional leader remains unassailable whether it is in terms of volume of trade, our accession to key maritime Convention and the development of in-country capacity of unparalleled significance in Africa. We also hold the record of the most significant fight back from record level piracy in our waters to zero incidences in the past two years. The future is indeed bright for Nigerian shipping” Jamoh said.
On his part, the keynote speaker who is also a former Director General of NIMASA; Mr Temisan Omatseye noted that the failure to take control of the supply chain of our goods as it relates to shipping must be considered as a national security threat.
Omatseye added that Nigeria is now totally dependent on foreign ship owners to determine the freight rates to be charged and vessels to bring or take goods in and out Nigeria.
According to him, the reliance on foreign vessels to carry Nigerian minerals and exports at their determined freight rates has made Nigerian goods uncompetitive in the international market while high freight rates for imports has had an inflationary effect on the Nigerian economy.
Omatseye however noted that the Federal High Court has to be restructured to three specialized units namely: the Civil Division, Criminal Division, Commercial / Admiralty Division. He also stated that Judges appointed to each division must be specialists in that field with a minimum of Masters Degree in the field and minimum 10 years cognate experience.
Follow us on Facebook/ twitter
