One of the reasons, if not the main reason, the Nigerian maritime sector has not been fully developed is the lack of funds required to finance the various activities in the sectorOne of the reasons, if not the main reason, the Nigerian maritime sector has not been fully developed is the lack of funds required to finance the various activities in the sector, especially shipping development, which includes fleet expansion , shipbuilding and ship repairs.
Ship repair is about having the required facilities to carry out repairs and maintenance of vessels in the country. The absence of a dry dock in the country compelled the Nigerian Maritime Administration and Safety Agency to embark on the purchase of a multi-million dollar modular floating dock, to serve that purpose.
This is where the issue of a separate and specialized financial institution for the maritime sector comes in. There is, indeed, a compelling need for the establishment of a maritime bank to act as a catalyst for the development of the sector. The need is all the more compelling because of the increasing awareness about, and activities in, the maritime sector, which stem from the realization of the fact that it is a gold mine with the capacity to replace oil as the country’s economic mainstay.
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