Contribution of Maritime Sector to GDP Worries Stakeholders

Abiola Seun

A university Don, Frank Ojadi has bemoaned the non-capturing of the maritime sector in the national Gross Domestic Product (GDP) describing it as worrisome and disturbing.

Ojadi disclosed this at the dinner/Annual Nigerian Maritime Award (ANMA) organised by the Shipping Correspondents Association of Nigeria (SCAN) held in Lagos.

Ojadi, a lecturer at the Lagos Business School (LBS), said the Nigerian maritime sector is weak and may not be able to compete favourably with its contemporaries around the world.

He said, “You can’t pin down what the Nigerian Maritime Industry contributes to the Nigerian Gross Domestic Product (GDP) and this is because 80 to 90 percent of vessels that come into the country are foreign vessels.

“The foreign vessel owners repatriate the profit accrued from the shipping business in Nigeria to their various countries thereby making it difficult for Nigeria to retain the money in the economy.”

He however urged the federal government to urgently disburse the Cabotage Vessel Finance Fund (CVFF) for the development of the maritime sector.

He said, ”For the country to harness its huge maritime potentials, there is need for the government to administer the ship acquisition funds also known as the Cabotage Vessels Finance Fund (CVFF) and focus on the infrastructure deficit at the seaports.”

He stated further that the Maritime University Okerenkoko should be pursued and actualized for training of capacity in the maritime industry.

“Training vessels should be provided for the training of seafarers.”

Declaring the award session opened, the Chairman of the event, Prince Uju Tony Nwabunike urged for quick completion of the port access roads.

Nwabunike, the President, Association of Nigerian Licenced Customs Agents (ANLCA) who was represented by the Vice President of the association, Kayode Farinto also rues lack of consistent policies in the maritime industry.

He said, “No consistent policy to drive the maritime industry, no port development plans like other developed countries.”

According to Nwabunike, Nigeria generated over N10billion in the maritime industry daily but government still neglects the sector.

“Nigeria generated over N10billion daily in the maritime industry. This ranges from customs duties, NIMASA, NPA, SON, and NAFDAC among other charges but it has been neglected.”