By Camila Igbafe
Fri, 26 July 2024-
Haboursandport.com:
In a bold move, shipping industry experts are calling for a radical transformation of Nigeria's cargo allocation policies, citing a staggering $9 billion annual loss to foreign shipping lines.
They're urging the government to empower indigenous shipowners and inject new life into the maritime sector.
Captain Tajudeen Alao, the President of Masters Mariners, sounded the alarm, warning that the current system is stifling local shipowners' ability to compete on the global stage.
He's advocating for a swift implementation of sections of the NIMASA Act which promises to unlock a treasure trove of benefits for the nation.
Also, a brief history of the maritime industry, stating how the history of maritime activities dates back thousands of years, with evidence of ancient civilizations engaging in maritime trade, exploration, and warfare from 1583, when Thomas Cavendish became the third Englishman to circumnavigate the globe.
"By empowering indigenous shipowners and injecting new life into the maritime sector, Nigeria can catapult itself into a new era of growth, prosperity, and self-sufficiency."
Alhaji Aminu Umar, the President of the Nigerian Chamber of Shipping, painted a dire picture of the industry's current state, where a monopoly on cargo has decimated local shipowners.
He's championing the cause for cargo reservations, a proven strategy used by shipping powerhouses worldwide.
Dr. Edmund Chilaka, the author of Nigeria's Shipping Policy and Maritime Trade, revealed the game-changing potential of implementing sections 35-38 of the NIMASA Act 2007.
He predicted a seismic shift that would:
- Turbocharge NIMASA's operational portfolios
- Resurrect dormant sectors of the marine and blue economy
- Stem the bleeding of $9 billion in capital flight
- Unleash indigenous carriers to reclaim freight costs
- Revitalize comatose indigenous carriers and the maritime sector
- Supercharge Nigeria's maritime trade, earnings, and GDP
The experts are united in their calls for a cargo allocation revolution, one that would catapult Nigeria's shipping industry into a new era of growth, prosperity, and self-sufficiency.
The calls for a cargo allocation overhaul in Nigeria's shipping industry is a clarion call for transformation.
With the industry's current state stifling local shipowners' ability to compete globally and resulting in a staggering $9 billion annual loss, the need for change is imperative.
Implementing sections 35-38 of the NIMASA Act 2007 promises to unlock a treasure trove of benefits for the nation, including turbocharging NIMASA's operational portfolios, resurrecting dormant sectors of the marine and blue economy, and stemming capital flight.
The experts' united call for a cargo allocation revolution is a beacon of hope for Nigeria's shipping industry.
By empowering indigenous shipowners and injecting new life into the maritime sector, Nigeria can catapult itself into a new era of growth, prosperity, and self-sufficiency.
The time for change is now, and the government must heed the experts' call to action to transform Nigeria's shipping industry and unlock its full potential.
Dr Edmund Chilaka then concluded saying that the transformation of Nigeria's shipping industry is poised to yield a wide range of benefits, including a significant expansion of the country's total maritime trade and a substantial increase in maritime earnings.
This growth will have a ripple effect, driving the ancillary development of non-oil economies and ultimately leading to an increase in the country's GDP.
As a result, Nigeria can expect a boost to its overall economic prosperity, with far-reaching benefits that extend beyond the maritime sector.
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