Infrastructural deficit, foreign exchange bottleneck, low level of technology adoption, inconsistent policies and other issues confronting the maritime sector have been described as a phase which will pass in no time.
Dr. Taiwo Afolabi (MON) Chairman, Sifax Group made this statement while delivering his welcome address on Friday at the 5th Taiwo Afolabi Annual Maritime (TAAM) Conference, organized by the Maritime Forum of University of Lagos at the J.F Ajayi Auditorium in Lagos.
Dr. Afolabi who was represented by Mr. Bode Ojeniyi, M.D Sky Capital said ‘the issues have largely limited the ability of the sector to contribute significantly to the country’s Gross Domestic Product (GDP), if well harnessed, the maritime industry has the potential to become a major revenue earner for the country, particularly with the declining oil revenue’.
Dr. Afolabi also cautioned stakeholders in the maritime industry not to lose focus because the non-oil sector is increasingly becoming the mainstay of the country’s economy.
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‘We have funded our national budget in the last few years majorly without proceeds from oil but from other sectors. The day of our over reliance on oil is behind us now and it is about time we focus on transitioning from an oil-dependent economy to non-oil reliance. The maritime sector will play a crucial role in this economic transitioning if more attention is committed to the industry’ he stressed.
In his speech, former Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Temisan Omatseye also is of the opinion that there are lots of potentials lying in the maritime sector and urged participants at the conference to take full advantage of it.
‘Nigeria is considered as a maritime nation by virtue of having a coastline of over 850 nautical miles extending to an exclusive vote of 250 nautical miles which total over 90,000 square miles of ocean at the same time. In other words, the maritime industry is a great industry and we are not taking advantage of it as we should’ he opined.
Highlights of the event witnessed panel discussion with stakeholders such as Mr. Bodunrin Adewole, President, Maritime Arbitrator Centre, Barrister Funmi Folorunsho, Secretary General, African Ship Owners Association, Dr. Emeka Akabogu, a renowned maritime lawyer and Mrs. Eunice Ezeoke, President, Women International Shipping and Trading Association (WISTA).
By Ajibola Adedoye