The Federal Government efforts to lift Nigerians out of poverty may have galvanized stakeholders in the Nigerian Maritime Industry into action as Ministries Departments and Agencies, MDAs, came together at the maiden edition of the Maritime Finance Fair, MFF, to strategize on possible options to create more jobs opportunities for Nigerians.

The fair which was organized by the Association of Maritime Journalists of Nigeria (AMJON), also had stakeholders drawn from the public and private sectors who used the platform of the MFF to showcase their goods and services while also highlighting issues and challenges affecting the sector.

In their presentation at the MFF, the Bank of Industry stated that it has disbursed $82m to some indigenous investors in the country for the purchase of ships and support of companies involved in ship repairs and allied investments from a $200m fund under Nigeria Content Intervention Fund.

Managing Director of The Bank of Industry, BoI , Mr. Kayode Pitan,  said this in Lagos at the maiden edition of Nigeria’s Maritime Finance Fair in Lagos.

Pitan, who was represented by Mr. Victor Agina revealed that the funds provided by the BOI have created 3,117 jobs across the country.

He also urged the Nigeria Maritime Administration and Safety Agency (NIMASA) to partner the bank in the management and disbursement of its Cabotage Vessels Finance Fund (CVFF) .

Pitan explained to maritime stakeholders that companies with about 51 percent Nigerian citizens equity that sources at least 40 percent of their raw materials locally are eligible for the bank’s loans.

He added that borrowers under the NCIF scheme are entitled to loan facilities with a five year tenure inclusive of one year moratorium.

Also speaking at the event, Dakuku Peterside, NIMASA Director General reiterated his agency’s commitment to ensuring the end of waiver regimes within its earlier stipulated timelines.

Dakuku who was represented by NIMASA Director in charge of Cabotage Services, Mr. Victor Egejuru said efforts are being made for upgrading of existing shipyards and support for new shipyard facilities.

He added that the delay in disbursement of CVFF has to do with ongoing amendment of the Cabotage Act at the National Assembly.

Peterside expressed optimism that the ninth National Assembly will expedite action on the legislation.

The Nigerian Shippers’ Council also used the occasion to create further awareness on the role and mandate of the Council as it carries out its added responsibility as Port Economic Regulator.

The Council disclosed that recent reforms implemented in the industry witnessed a subtle, but profoundly progressive revolution in the Nigeria’s maritime sector. The NSC said the reforms changed and continued to change the way business is done within the sector.

“The Cabotage policy of government, the Port reform policy which led to the concession of cargo handling services to Private Terminal Operators, the 2006 concession programme and the subsequent appointment of NSC as Port Economic Regulator among others, served to influence the contents and directions of investment in maritime sector in Nigeria”, the Council said.

Investment Opportunities

Specifically, The Council reeled out figures and statistics to highlight investment opportunities in the sector.

According to the Council, the reforms in the  sector have thrown up quite a vast opportunity for investment in maritime sector. The upsurge in the volume of general cargo handled from 54,473,850 mt in 2007 to 84,951,927mt in 2014 and 71,535,635mt in 2017, has created investment opportunities in the area of development of green field seaport facility as well as development of Container depots / yards, Inland Container Depots (ICDs), Inland Dry Ports (IDPs), Off- Dock Bonded warehouses/Freight stations.

Investment in logistics / haulage transportation service (including rail, roads and inland water transportation services), truck yards/parks is another area where investors should look at and key into.

The NSC said “Nigeria has a large reserve of LNG (Liquefied Natural Gas) which created activities in the maritime sector, thereby provided investments opportunities in the supply of marine equipment for storage and transportation of oil products, supply of tug boat services, security patrol boats, supply vessels (for bunkering and chandelling services), Waste collection boats, vessel repair yards, Independent power generation, transmission and distribution, residential, tourisms and free zones for oil and gas”.

As AMJON continues to partner with stakeholders and explore options and possibilities in the maritime sector, such partnership/collaboration is expected to create the needed sensitization to attract the investments required to create the jobs that could lift Nigerians our of poverty.