AMES: Nigeria Could Recoup $9.1bn Freight Earnings Annually

Arthur Eriye

In a drive to ensure the Nigerian maritime transport and blue economy sector optimally harness its potentials, the Association of Marine Engineers and Surveyors (AMES) organised a one-day conference that brought together stakeholders and regulatory agencies in the shipping industry to discuss the approaches for viable success in line with global best practices.

The one-day conference with the theme, “Marine Transport and Blue Economy: Route to sustainable Success,” saw the presentation of four papers by shipping operators and industry veterans, as well as panel discussions for each paper and general interventions.

In his opening speech, the President of AMES, Israel Obadan expressed dissatisfaction at the current state of shipping activities the country, especially the lack of single digit interest loans for operators and the dearth of qualified engineers and master mariners.

Obadan, stated that the association has initiated plans for training arrangements with the Nigerian Maritime Administration and Safety Agency (NIMASA) and Dangote Refinery for the capacity building of marine engineers, with emphasis on sea time.

While harping on experts inputs to ensure rapid maritime growth, the President stated that the association will continue to speak to the government until the needed changes are effected through capacity building, tax holiday and a conducive playing field for operators.

He lamented that the maritime regulatory agencies have failed to utilize experts in advisory or operational capabilities in furtherance to make significant impacts , which in turn has resulted to no future progression plans .

On his part, Chairman of Starz Marine and Engineering Limited, Greg Ogbeifun, estimated that Nigeria could attract over $1billion foreign direct investment (FDI) and recoup $9.1billion annual freight earnings with the availability of Nigerian ships participating in global trade.

Amid the huge economic crisis plaguing the nation, Ogbeifun said: ”Figuratively, Nigeria will be poised to witness an upturn of $9.1billion freight revenue annually, $5.42billion added to our gross domestic product (GDP) and $1.62 billion contribution to corporate income tax if it returns back to global trading.”

While observing that the African Continental Free Trade Agreement (AfCFTA) opens a new vista for shipping development, he remarked that availability of Nigerian ships for the regional trade would have led to increased Foreign Direct Investment significantly leading to a 7% increase in Nigerian income from the current path by 2043.