Skip to main content

How Nigeria is losing over N2tr annually in Maritime Sector

It has been reveal by Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, that the country loses well over N2tn annually to capital flight following the inability of indigenous ship o
It has been reveal by Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, that the country loses well over N2tn annually to capital flight following the inability of indigenous ship owners to fully participate in crude oil exports and other marine-related transportation.
The minister disclosed this at a one-day retreat on maritime safety held at the Presidential Villa.
The retreat with the theme: “Harnessing the Potential of Nigeria’s Maritime Sector for Sustainable Economic Development” was organised to generate implementable initiatives to improve the sector.
Exposing the many challenges in the maritime sector, Olufamous.com gathered that Dr. Okonjo-Iweala decried the lack of proper implementation of the cabotage which, if properly implemented, will allow indigenous participation in shipping.
“On the issue of increasing local participation in the sector and cabotage, the indigenous Ship Owners Association of Nigeria has said that we now lose over N2tn annually in capital flight to foreign countries which own vessels used to lift about 150 million tonnes of cargoes including oil products from this country as no Nigerian flagship is currently plying international routes.
“Nigerian-owned vessels make up less than one per cent of the global fleet and are quite old; on average, 30 years of age. Increasing Nigeria’s participation in this sector will not only ensure that most of these incomes are retained locally, but will lead to increased jobs for Nigerians,” she said.
“As you will see from the Mackenzie presentation later, Philippines for example has been able to position itself as a global supplier of seafarers, creating a lot of jobs and significant foreign income for the country,” Okonjo-Iweala added, asking “Why can’t we replicate this in Nigeria?”


Source: OluFamous
wners to fully participate in crude oil exports and other marine-related transportation.
The minister disclosed this at a one-day retreat on maritime safety held at the Presidential Villa.
The retreat with the theme: “Harnessing the Potential of Nigeria’s Maritime Sector for Sustainable Economic Development” was organised to generate implementable initiatives to improve the sector.
Exposing the many challenges in the maritime sector, Olufamous.com gathered that Dr. Okonjo-Iweala decried the lack of proper implementation of the cabotage which, if properly implemented, will allow indigenous participation in shipping.
“On the issue of increasing local participation in the sector and cabotage, the indigenous Ship Owners Association of Nigeria has said that we now lose over N2tn annually in capital flight to foreign countries which own vessels used to lift about 150 million tonnes of cargoes including oil products from this country as no Nigerian flagship is currently plying international routes.
“Nigerian-owned vessels make up less than one per cent of the global fleet and are quite old; on average, 30 years of age. Increasing Nigeria’s participation in this sector will not only ensure that most of these incomes are retained locally, but will lead to increased jobs for Nigerians,” she said.
“As you will see from the Mackenzie presentation later, Philippines for example has been able to position itself as a global supplier of seafarers, creating a lot of jobs and significant foreign income for the country,” Okonjo-Iweala added, asking “Why can’t we replicate this in Nigeria?”
Source: OluFamous

Comments

Popular posts from this blog

MISS EDEMAYA BEAUTY PAGEANT 2013

EdemAya, a community so rich in mineral resources, and one of the five clans that make up the present day Ikot Abasi Local Government Area of Akwa Ibom State, Nigeria is hosting the world on the 29 th of March 2013. As we gathered from the head of the organizing group, Miss Precious Dominic Akpan, the event is scheduled to take place at the Cooperative Hall, Ikot Ubo Akama, Edemaya in Ikot Abasi, Akwa Ibom State. Three beauties are to emerge from the event which promises to be the first ever organized pageant. The Eligibility Form which are currently on sale for a token of N 2,000 will qualify the contestants to struggle for Miss EdemAya, Miss Democracy of EdemAya and Miss Culture & Tourism of EdemAya. The screening and training of the contestants commences on 25 th through 28 th of March 2013. We have been reliably informed that the event will parade ‘who is who’ in the music industry in Akwa Ibom State and a popular reggae artist from Delta State. Imagine the sque

VIDEO: Two Girls Stripped In Public For Stealing Brazilian Hair

These two young girls were stripped naked in public by a shop owner after they were caught stealing  Brazilian hair . According to information gathered, these girls entered  the shop  as if they were interested in purchasing something. One of the girl’s intentionally decided to engage the owner in a conversation by asking lot of questions on the types of  Brazilian  hairs at the store and then the other girl was busy stealing Brazilian hairs. Watch the video  below:

Snoop Lion Excommunicated From The Rastafari Community

Snoop Lion excommunicated from the Rastafari Community, according to Bunny Wailer! Bunny has always had his doubts about  Snoop Lion ‘s intent and now his skepticism has taken an even stronger stance, that of excommunication. The news was broken via his  Facebook  profile and via  press release . Recently Snoop Lion has struggled to convince the Rastafari and Reggae community that he is sincere about his profession of, and transition to the faith, principles and beliefs of Rastafari. Most doubtful is Bunny Wailer the only living member of the original Wailer. ‘ Excommunication is a religious censure used to deprive, suspend, or limit membership in a religious community or to restrict certain rights within it. Some groups use the term disfellowship instead, ‘ stated Bunny’s official release. With that said, this would surely deprive Snoop Lion from direct contact to some elders within the Rastafarian community also, access to vital information and place of worship. Let us see