On World Maritime Day, we dive deep into the stark reality: moving beyond policies to crucial implementation.
Despite the Cabotage Act of 2003, designed to boost Nigerian shipping, foreign vessels continue to dominate our waters, costing the nation a staggering 6 trillion Naira annually in lost revenue.
The Cabotage Vessel Financing Fund (CVFF), intended to empower local shipowners with significant capital to purchase vessels, remains an unimplemented promise. This leaves indigenous operators struggling to compete.
Furthermore, the cargo reservation policy, which should guarantee cargo for Nigerian ships, is being undermined, with foreign entities still transporting our vital crude oil.
Nigeria’s ambitious 10-year National Policy on Marine and Blue Economy, poised to unlock vast untapped potential, is failing to take root at the state level, leaving immense opportunities on the table.
This World Maritime Day, it’s a critical call to action for Nigeria to finally implement these vital policies and unlock the true economic power of its maritime sector.