N1tn lost annually to poor maritime infrastructure – shipowners

The Nigerian shipping sector is reportedly facing significant financial losses, with estimations reaching nearly N1 trillion, affecting infrastructure, human capacity development, and cargo transportation. This issue was highlighted in recent industry discussions.

In related news, there has been a considerable drop in operational costs for shipowners, as reported by the Convention on Business Integrity (CBi), with a decrease of 87%. However, shipowners have shown resistance to the proposed merger between the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Customs Service.InformationGuideNigeria

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Meanwhile, applications are underway for a substantial $700 million vessel fund aimed at supporting the industry.

Greg Ogbeifun, the CEO of Starz Marine and Engineering Limited, has urged the private sector within the shipping subsector to create initiatives that can realize the industry’s policies.

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He praised President Bola Tinubu for his decision to segregate the maritime industry from the Ministry of Transportation, viewing it as a positive step for the sector.JAMB Portal

Adding to the discourse, the President of the Nigerian Indigenous Shipowners Association (NISA), Sola Adewunmi, represented by NISA’s Public Relations Officer, Gbolahan Adu, appealed to maritime stakeholders to integrate more young Nigerians into the sector, emphasizing the need for generational renewal.JAMB Result

During the opening remarks, event convener Kelvin Kagbare expressed opposition to the creation of new universities and institutions focused on maritime and transportation, suggesting that current resources could be better utilized to address existing challenges within the sector.