Registrar advocates entrepreneurs’ involvement in maritime industry
The Registrar of the Merchant Marine Training Academy, Dr Mike Omonbude, has called for increased entrepreneurial activity within Nigeria’s maritime industry to unlock the sector’s potential for economic growth, job creation, and enhanced global trade competitiveness.
Speaking in a paper, titled: “Encouraging Entrepreneurial Practices in the Maritime Industry in Nigeria,” Omonbude highlighted the sector’s strategic position along the Gulf of Guinea and its vast waterways, which remain largely underutilised, primarily due to inadequate entrepreneurial activities
Omonbude stressed that entrepreneurship is the engine of economic development, noting that its importance in the maritime industry cannot be overstated. He stressed that entrepreneurs bring innovation, create jobs and drive competitiveness, which are essential for the development of indigenous shipping companies, maritime training institutions, port management advancements and the introduction of technology-driven solutions like maritime logistics platforms and e-commerce for shipping.
Omonbude identified key areas ripe for entrepreneurial opportunities, including shipping and logistics, maritime technology and innovation, shipbuilding and repairs, port management and operations, and maritime education and training. He noted that entrepreneurs could tap into domestic shipping lines, freight forwarding services and logistics management to meet the growing demand for goods transportation.
Additionally, Omonbude emphasised the growing need for technological solutions within the maritime sector, noting that entrepreneurs can develop software for ship management, port operations and maritime security, as well as automated logistics systems and Artificial Intelligence (AI)-driven maritime analytics.
Omonbude stated that as the demand for vessels to support offshore oil and gas operations rises, there is a significant opportunity for entrepreneurs to invest in shipbuilding and repair services, reducing dependence on foreign vessels and creating local jobs.
He also argued that efficient port management is crucial for the industry’s competitiveness, adding that entrepreneurs can introduce private port management services that enhance efficiency, reduce congestion, and improve turnaround times for ships.
Omonbude also highlighted the lack of skilled manpower as a critical issue in the nation’s maritime industry, noting that entrepreneurs can establish maritime training institutions that offer courses in navigation, marine engineering, logistics management, and maritime law.
However, Omonbude also acknowledged the challenges facing entrepreneurs in the industry, pointing to regulatory hurdles, access to finance, infrastructure deficiencies, and a shortage of skilled labour as major obstacles.
He called for reforms to simplify regulations, improve access to maritime-specific funding with the establishment of a maritime development fund to provide low-interest loans to entrepreneurs in the sector.
The Registrar stated that high-interest rates, stringent lending criteria, and a lack of specialised maritime financing options limit the ability of entrepreneurs to invest in the sector.
Omonbude also called for investments in maritime education and training to build a skilled workforce, adding that the shortage of skilled labour in the sector makes it difficult for entrepreneurs to find the necessary human resources to run their operations effectively.
In his recommendations, Omonbude urged the government to offer tax incentives, grants, and subsidies to maritime entrepreneurs and prioritise policies that encourage private sector investment in maritime infrastructure and services.
According to him, infrastructure deficiencies, such as inadequate port facilities, unreliable power supply and bad roads hampers the growth of entrepreneurial ventures in the maritime industry.
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