*Advocate stronger policies to increase investment in vessels acquisition
By; RAYMOND TEDUNJAYE, Lagos
The Nigerian Maritime Administration and Safety Agency (NIMASA) has reaffirmed its commitment to advancing fleet expansion and maritime development in the country.
The Director General of NIMASA, Dr. Dayo Mobereola stated this at the Maritime Finance Conference organised by the Association of Maritime Journalists of Nigeria in collaboration with the NLNG Shipping and Marine Service Limited held in Lagos.
This is just as the Executive Secretary of the Nigerian Shippers’ Council, Pius Akutah called for robust national policies and increased private sector investments to address the critical challenges of vessel financing and its significance to the maritime sector’s growth
The theme of the conference is, “Vessel Acquisition/Construction: Nigerian Banks, Insurance Firms, Government and The Blue Economy.”
Mobereola, who was represented by the Director of Administration and Human Resources, Mr. Isichei Osamgbi, highlighted the critical role of shipping as an economic driver and emphasised the need for a renewed focus on vessel acquisition and construction.
“Shipping is one of the greatest energizers of the economy globally. If any digital company has laid the foundation for growth and development in Nigeria, shipping should be at the forefront,” he said.
He praised the partnership between NIMASA and various international stakeholders, including the UK and global LNG firms, which has provided Nigerian cadets with invaluable sea-time experience.
“Many of our sea cadets are now gaining experience across the globe thanks to these partnerships,” Osamgbi noted, highlighting the agency’s efforts to equip over a thousand cadets with the necessary skills to manage various vessels,” he stated.
Mobereola emphasised that NIMASA is poised to take advantage of this development, ensuring that funds from the Cabotage Vessel Financing Fund (CVFF) are channeled effectively to support the acquisition and construction of vessels by Nigerian entities.
He also touched on the strategic importance of fleet ownership, which is expected to enhance Nigeria’s economic standing and retain more wealth within the country.
“When Nigerians can acquire vessels and own fleets, it will lead to increased job opportunities, and the economy will flourish,” Osamgbi stated.
He also pointed out that the enforcement of laws regarding the Nigerian fleet and cargo allocation will play a crucial role in achieving these goals,” he said.
Mobereola called on the media to play a proactive role in shaping the narrative around Nigeria’s maritime industry, much like it did during the country’s democratic transition.
He assured of NIMASA’s dedication to its mission, emphasising that the agency is committed to fleet expansion and other initiatives aimed at improving safety and security in Nigeria’s maritime domain.
Also speaking at the event, the Executive Secretary of the Nigerian Shippers’ Council, Pius Akutah called for robust national policies and increased private sector investments to address the critical challenges of vessel financing and its significance to the maritime sector’s growth.
Represented by the Principal Officer, Regulatory Services, Cadson Temitope, the Shippers Council Boss said exploring financing options for vessels acquisition will fully harness the potential of Nigeria’s Blue Economy.
Akutah emphasised that the Blue Economy plays a crucial role in global trade, with 90 per cent of international trade conducted by sea, contributing to 70 per cent of global trade revenue.
“Nigeria is endowed with vast maritime resources, including inland and archipelagic waters, a territorial sea of 12 nautical miles, and an Exclusive Economic Zone extending up to 200 nautical miles. To maximize these resources, we must focus on ship repairs, vessel building, acquisition, and financing, all of which hold the potential to create significant job opportunities and drive socio-economic development,” Akutah stated.
Akutah commended the Federal Government for its commitment to global best practices by establishing the Federal Ministry of Marine and Blue Economy, which is expected to spearhead policy initiatives aimed at unlocking the sector’s full potential.
The Nigerian Shippers’ Council, Akutah noted, is committed to advising the government on crucial matters such as freight rate structures, shipping space availability, and the quality of vessels, among others.
He expressed optimism that the conference would address these critical issues and explore the feasibility of establishing a national carrier to ensure Nigerian-flagged vessels play a significant role in global maritime trade.
To achieve these goals, Akutah urged all stakeholders to prioritise research and development (R&D) and to foster public-private partnerships that would support the Shipping Sector Support Fund, including the Cabotage Vessel Financing Fund (CVFF) and the Nigerian Content Development and Monitoring Board (NCDMB) Maritime Fund.
Akutah lauded AMJON for organising the conference and expressed hope that it would generate actionable recommendations to tackle the challenges of ship finance, ultimately advancing Nigeria’s maritime sector and the Blue Economy.
