The Nigerian-Belgian Chamber of Commerce held a business  meeting with Nigerian and Belgian business men in Lagos recently. On the sidelines of the event, the General Manager of the Chamber, Mr. Marc Eeckhout, spoke with selected journalists on the cost of doing business in Nigeria, benefits of joining the Chamber and the challenges facing Nigeria’s marine industry, among others. SULIYAT TELLA was there. Excerpts:

Kindly introduce yourself briefly?
I am a Belgian citizen and an expert in the energy sector, with extensive work experience in the FMCG sector and in the maritime sector, based on an Information Technology and Communication (ICT) professional background. I have been living in Nigeria for more than 20 years, and I took over the management of the Nigerian-Belgian Chamber of Commerce in August 2022.

What is the main purpose of the Nigerian-Belgian Chamber of Commerce?
  The Nigerian-Belgian Chamber of Commerce (NBCC) is a non-profit organisation with the objective of promoting business between Nigeria and Belgium. The main task of the Chamber is to provide business people in both countries with the information and contacts that they require to make their business decisions.

The Chamber held a business meeting in Lagos with Nigerian and Belgian businessmen. What is the rationale behind the meeting?
  To promote and recognise the existing Nigerian companies related to Belgium; many of these companies have been operating for some decades. We asked them to share their experiences about the challenges and how they overcame it, as well as share their future plans.

Who are the major stakeholders collaborating with you in the Nigerian business space?
  There are many. They include Mrs. Yvonne Ezekiel, M-Partner, Olisa Agbakoba Legal (OAL), Taiwo O. Olajide, Country Representative – Port of Antwerp – Bruges International, among others.

What are the aims and objectives of the Nigerian-Belgian Chamber of Commerce?
  The Chamber’s  aim and objectives are to promote business between Nigeria and Belgium by creating a platform and an environment to support services and lucrative business. The Chamber paves way for European investors to partner with Nigerian businesspeople thereby creating a platform for easy market entry.

What are the benefits to be derived from joining the Chamber?
  Some of the benefits include holding onsite and virtual events; briefing sessions, cocktail, info sessions and press fora; prospection visits (onsite and virtual); conference, networking events; logistics assistance; trade missions; invitation and issuing of support letters.

What are the challenges and achievements of the chamber since inception?
  Funding has been the major challenge affecting the smooth running of the Chamber till now. The Chamber had been instrumental to joint ventures as well as bringing foreign investors to establish in Nigeria.

What is your projection for the chamber in the next five years?
  To be one of the most active Chambers and to open an office in the Federal Capital Territory, Abuja.

You are a player in Nigeria’s maritime sector. What do you perceive as the major problems confronting the marine industry in Nigeria?
  The marine industry (Marine and Blue Economy) refers to economic activities related to shipping, fisheries, and ocean resource management, driving economic growth through sustainable marine activities. Nigeria’s marine industry plays a crucial role in the country’s economy, supporting trade, energy, transportation, and fisheries.

However, it faces challenges that hinder its growth and sustainability.
What are these challenges?
  The challenges include deficit of port infrastructural development. Regarding port infrastructural development, the government will need to upgrade existing ports with modern equipment, automation, and deep-sea facilities to improve efficiency. Government should implement digital tracking and automate port operations for faster cargo clearance and reduced bottlenecks.
 
Nigeria has limited inland waterways development. It has an extensive network of rivers and inland waterways that remain largely underutilised due to poor maintenance, lack of dredging, and inadequate navigational aids. This limits the movement of cargoes and passengers via water transport, increasing reliance on road networks, which contributes to higher transportation costs, road congestion, and infrastructure deterioration. There is also a lack of sufficient investment in port infrastructure and shipping operations.
 
The maritime sector requires significant investment to modernise port facilities, enhance ship building capabilities, and develop efficient logistics networks.

However, there has been a lack of both public and private sector funding in these areas. This has resulted in limited capacity for cargo handling and the usage of outdated vessels.
 
Without strategic investment, the sector’s growth and contribution to the economy will be largely constrained. Moreover, there are maritime security threats like piracy, hijackings, and illegal oil bunkering in the Gulf of Guinea, which threaten trade and security.
  
Illegal, unregulated, and unreported fishing depletes fish stocks, affecting food security and local fishermen’s livelihood. Oil spills, industrial waste, and plastic pollution harm marine biodiversity and ecosystems.
 
Other challenges include: Climate change impact: Rising sea levels and coastal erosion threaten communities and infrastructure.
 Weak regulatory enforcement: Ineffective monitoring and enforcement of maritime laws enable illegal activities.
 Limited investment in the blue economy: Insufficient funding for marine tourism, ocean energy, and sustainable fisheries.

What do you think the government can do to develop the marine industry in Nigeria?
  Regarding port infrastructural development, the government will need to upgrade existing ports with modern equipment, automation, and deep-sea facilities to improve efficiency. It should implement digital tracking and automate port operations for faster cargo clearance and reduced bottlenecks.
 
In the case of insufficient investment in port infrastructure and shipping operations, the government will need to attract local and international investors to develop port and shipping infrastructure. It has to provide incentives such as tax breaks and funding support to encourage private sector participation in port development, shipping and logistics, and foster collaboration between government agencies and private firms to enhance efficiency.
 
In respect of the inland waterways development, the government will need to invest in dredging and maintenance of major inland waterways to ensure navigability; ensure a regulatory framework to encourage private sector participation in inland water transport and improve safety, navigational aids for efficient cargo and passenger movement.
 
In general, the government needs to strengthen maritime security; enhance naval patrols, satellite surveillance, and international partnerships.
There should also be stricter fishing regulations by enforcing laws against IUU fishing and promoting sustainable aquaculture.
 
Environmental protection measures should include
implementing strict regulations to curb pollution and protect marine ecosystems.
 
Blue economy policy development should involve integrating ocean-based sectors into Nigeria’s economic framework. To increase investment in the maritime sector, a Blue Economy Development Fund should be established to support innovation and sustainability. There should also be capacity building by expanding maritime education and vocational training programmes for industry professionals.
 
By addressing these challenges through targeted policies and investments, Nigeria can harness its marine resources effectively and unlock the full potential of its blue economy for sustainable economic growth.

How do you see the economic reforms by the current administration in Nigeria?
 The ongoing reforms by the current administration in Nigeria are undoubtedly challenging but necessary, given the economic quagmire the country is facing. Some schools of thought may argue that implementing all reforms simultaneously may not be the most effective approach. On the other hand, others may believe that a comprehensive, simultaneous implementation is the best way to drive rapid transformation.

What do you think the Nigerian government should do to reduce the cost of doing business in the country?
 To reduce the cost of doing business in Nigeria, the government should focus on the following key areas:
​Infrastructure Development: Upgrade and expand power supply to reduce reliance on expensive alternative energy sources; improve road networks, rail systems, and ports to enhance logistics efficiency; and invest in digital infrastructure to promote e-governance and business automation.
 
Simplified Regulatory Framework:  Streamline bureaucratic processes to reduce delays in business registration, permits, and approvals; eliminate redundant regulations that create bottlenecks for businesses; strengthen anti-corruption measures to ensure transparency in government dealings.
 
Tax Reforms and Incentives: Implement a more business-friendly tax system with lower rates for SMEs; provide tax incentives for businesses investing in local manufacturing and exports; and reduce multiple taxation by harmonising federal, state, and local government levies.