The maritime sector generates N7 trillion yearly but has been overlooked, President Tinubu promises change.
President Bola Tinubu, in his inaugural speech, gave a snippet of his administration’s roadmap towards achieving a six per cent yearly output target.The country’s maritime sector, which is believed to generate N7 trillion in revenue yearly, appears to have been sidelined by previous administrations despite its enormous potential. ADAKU ONYENUCHEYA writes that the industry looks forward to the implementation of President Bola Ahmed Tinubu’s economic agenda to kick again.
Others are job loss and unemployment of youths, regulatory inconsistencies and duplication of roles and a high rate of infractions by ministries, departments and agencies . Stakeholders lament that this has resulted in the high cost of doing business in the port environment, thereby discouraging importers and other investors.
Meanwhile, Singapore and Greece have leveraged the maritime sector to grow their economies, as it is one of the biggest revenue-generating industries globally. The General Secretary, the Association of Bonded Terminal Operators of Nigeria, Haruna Omolajomo, said it was important that the president’s economic agenda is implemented, noting that too many duplicated multi-purpose taxes imposed on importers are creating lots of challenges in the industry.
He said there should be an acceptable maritime regulator for all businesses to ensure that things are done right to avoid corruption and multiple taxation. “Every agency and government just do as they like without any control. This is also noticeable in the dwell time of vessels, barge operations and delay in the clearing processes of goods. This, most of the time, results in demurrage and high cost of clearing of goods,” he said.
Fatomilola urged Tinubu to create a ministry solely responsible for ports and maritime affairs as well as appoint an industry professional as a minister, noting that the industry is a blue economy business that has the largest employment of people globally and should not be joined to the transport ministry.
Nicol urged the new administration to appoint professionals in the maritime industry to take the place of chief executives while faulting the past administration for fielding political appointees that were unable to put policies that will make ease of doing business workable.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
If Obafemi Awolowo Were President Bola Tinubu, By Owei Lakemfa | Sahara ReportersChief Obafemi Awolowo, affectionately called Awo, was the programmatic politician who had change as mantra and believed that politics must serve the mass of the people. His philosophy of governance was encapsulated in the slogan: Life More Abundant, LMA.
Read more »
An open letter to President Bola Ahmed Tinubu | TheCableBY OLUSANYA ANJORIN Dear Mr. President, please accept my heartiest congratulations on your victory and best wishes for your success as you take up the responsibility of ruling the largest
Read more »
President Tinubu Meets Falana Over Fuel Subsidy Removal, Economy | Sahara ReportersPresident Bola Tinubu and human rights lawyer, Femi Falana (SAN), have met over the looming strike following the removal of petrol subsidy. It was learnt that Falana, who has represented the Nigeria Labour Congress and its affiliate unions for decades, met with Tinubu at the Presidential Villa on Saturday over how best to handle the situation. The senior advocate was also said to have discussed the war against corruption with Tinubu and how best to recover funds that have been stashed in foreign jurisdictions.
Read more »
President Tinubu Meets Joint Health Union, Begs Striking Workers To Return To Work | Sahara ReportersPresident Bola Tinubu has urged striking health union workers in the country to return to work, promising to resolve their grievances. Tinubu during a meeting at the State House in Abuja on Monday with the leadership of the Joint Health Sector Unions ((JOHESU) promised to resolve all identified problems plaguing the system for optimum performance, while urging the striking union to return to work. “We will resolve all the issues. Please go back to work,”
Read more »