SHIPPING DEVT: NIMAREX, NSE pledge collaboration

The need to promote potentials of the nation’s maritime industry may have gained a boost with the prospects of fresh collaborations between the Nigeria Stock Exchange (NSE), and promoters of the Nigerian Maritime Expo (NIMAREX), which 2013 edition kicks off tomorrow at the Eko Hotel and Suites, Victoria Island, Lagos.
Indications to this emerged at the weekend when the NSE management team hosted members of the NIMAREX 2013 Planning Committee on a historic visit to the stock house in Lagos, culminating in the significant ringing of the bell at the trading floor by the Chairman of NIMAREX, Barrister Margaret Onyema-Orakwusi.
She said that the visit had become necessary, considering the vital roles of the NSE to the Nigerian business community in general , and the maritime industry in particular.
According to her, NIMAREX had as its main objective, the need to showcase what she described as the “enormous potentials of the Nigerian maritime industry to the outside world.”

The NIMAREX boss said that it was disheartening that, in spite of the vast opportunities provided by the maritime gift of nature to the country, Nigerians were still being shortchanged in terms of benefits.
Urging the NSE to join in the crusade to change the tide, Barrister Orakwusi lamented that it was unacceptable for the nation’s crude to continue to be lifted on Freight on Board (FOB) basis, a system that allows the foreign buyers to “dictate the carriage, insurance, warts and all … in this 21st century.”
She pointed out that government’s desire to create jobs for the teeming youth graduates, as well as the hitherto restive militants, who are currently being rehabilitated, may not be realisable if the trend is allowed to persist, saying “that is why we seek the collaboration of institutions such as the NSE in changing the trend.”
Responding, the NSE Executive Director, Mr. Adeolu Bajomo, while holding brief for the Chief Executive Officer, Mr. Oscar Onyema, who later joined the discussion, noted that the need to promote local investments through the stock exchange arena was in tandem with the objectives of NIMAREX.
There was the need, according to him, for the two organisations to collaborate in ensuring that Nigerian companies including those of the vital maritime sector were promoted to the world, taking advantage of the country’s natural resources.

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