Nigeria losing billions in maritime, says NIMASA

The Nigerian Maritime Administration and Safety Agency (NIMASA) have rued the high level of capital flight occasioned by inadequate participation of indigenous firms in the cargo affreightment value chain.

Director-General NIMASA, Dakuku Peterside disclosed this on yesterday at the agency’s day at the on-going 30th Enugu International Trade Fair, organized by the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA).

Speaking on “Cargo Support Initiative and Transport Logistics for Non-Oil Export Trade”, the DG said over the years, Nigeria is known for exporting raw materials with little or no value addition at all. He maintained that the situation has robbed the nation of significant economic value and opportunities for growth and development.

While noting that the situation was now different in the maritime industry, he noted that there is insignificant indigenous participation in the entire cargo affreightment value chain. Peterside said to stem the tide, NIMASA has identified the sector as a critical component for effective economic diversification, a major policy thrust of the present Federal Government.

He identified challenges facing indigenous shipping in Nigeria to include lack of cargo, structural weakness, foreign dominance, ship agency, husbanding status, poor funding/under capitalization, weak competitive disposition, poor equipment, low business activity, among others. The DG said to grow indigenous capacity in shipping and contribute significantly to national GDP, “a well administered public sector cargo support initiative is imperative.