Shipowner Laments Losing $60m to Fail Maritime Sector Policies

By ZION Olalekan

Frontline member of Nigerian Shipowners Association (NISA) Ayo Adedoyin has said that he lost $60million in the maritime industry due to unfavourable government policies in the sector.

Adedoyin who was Chairman of the Nigerian Maritime Expo (NIMAREX) 2015 told journalists in Lagos that after losing so much to the sector, he was ready to pull out and divert into other business.
“I have wasted more than $60m in business that is not getting any support from the government, so am trying to put my energy into something else that I won’t need to rely on government policy to guide what I do or how I run my business and what I make as per profit”.

Adedoyin lamented that despite the various laws in the sector including the Cabotage law, and the Local Content Law, Nigerian shipowners are still not getting the best support they should be getting for their businesses to grow.

“it’s very sad because we have the local content law, we have cabotage law and some other laws but based on my own experience it’s been a disaster. Investing in the Maritime industry is one of the biggest mistakes I have ever made.
“Also I don’t blame the government but I blame we the practitioners because we have not been able to come together to have one voice due to selfish interests of individuals but it’s sad because I don’t think they have done anything about the Maritime industry.

“We have good policies but the problem is enforcing them and that is the key, the cabotage law is there, if they do that you will see the increase in numbers of businesses in the Maritime sector, we have the local content policies too, we have fantastic laws but the government finds it difficult to enforce”