By Uzor Odigbo
The Executive Secretary of the Nigerian Shippers’ Council, (NSC), Barr. Pius Ukeyima Akutah, has 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.
Barr. Akutah, who was represented by the Principal Officer, Regulatory Services, Cadmus Temitope at the 2024 Annual Maritime Finance Conference organised by the Association of Maritime Journalists of Nigeria (AMJON) in connection with NLNG Shipping and Marine Services Limited (NSML) in Lagos on Thursday, said exploring financing options for vessels acquisition will fully harness the potential of Nigeria’s Blue Economy.
The conference is themed “Vessel Acquisition/Construction: Nigerian Banks, Insurance Firms, Government & the Blue Economy,”
The enthusiastic Shippers’ Council boss 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.
His words, “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.
He 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.
He added that the Council was. committed to advising the government on crucial matters such as freight rate structures, shipping space availability, and the quality of vessels, among others.
The optimistic Akutah stated 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, he 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.
The NSC CEO 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