The maritime industry is a goldmine. However, in Nigeria, it is a goldmine that has remained largely untapped because, to a large extent, an integral part of the industry – shipping development – has been dogged by challenges over a long time. No country can hope to participate and derive full economic benefits from the maritime sector without strong footing in shipping development. In fact, shipping development is a major determinant of a country’s strength in the maritime sector.
The findings of the study showed that there had been a steady decline in fleet ownership over the period it covered. This could be attributed to factors that include the country’s economic situation, lack of incentives for fleet ownership and non-disbursement from the Cabotage Vessel Financing Fund .Early last year, the Honourable Minister for Transportation, Mr.
The second leg of shipping development is ship repairs. To jump start this activity, NIMASA bought a multi-million dollar modular floating dock over a year ago, but the initial challenge had been where to locate it. As a way out of the challenge, the agency entered into an agreement with the Nigerian Ports Authority for use of its continental shipping yard that was being used for its floating dock.
The point must be made that financing is central to shipping development in Nigeria, as indeed it is in other parts of the world. It is important that ship builders have access to finance. The government can come in with incentives to ship builders, by way of intervention, especially during this pandemic. We have seen such interventions in the aviation and agricultural sectors.
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