Taking a studied look at the sector, which has contended with stunted growth in Nigeria, former Vice President of Africa Region, World Bank, Mrs. Obiageli Ezekwesili, has said that only competition can drive development of the shipping sector.
Ezekwesili, who delivered a paper on Financing Options for Shipping Development at the second day of the Nigeria Maritime Expo (NIMAREX) 2013 holding at Eko Hotel and Suites in Victoria Island, Lagos, yesterday, said that the sector has not opened up effectively, because the players have not formulated effective communication strategy with other players in the Nigerian economy.
Ezekwesili, a former Minister of Education, also advised Nigerian ship owners to do away with sentiments and rely less on government in taking control of trading on Nigerian waters.
She advised operators in the shipping sector to drive their arguments with economic data to attract funds.
She advised shipping operators to make use of alternative sources such as issuance of bonds to finance ship acquisition and other capital projects in the sector.
While lamenting the low participation of indigenous operators, the former World Bank chief said: “Confronted with the low indigenous participation in the shipping trade, the Federal Government is, typically, planning to throw taxpayers’ money down another black hole. A plan being hatched by apparatchiks for yet another special intervention fund to bail out local ship owners is misplaced and alarming in a country where such funds have been serially embezzled.
“Stimulating the maritime industry requires a more creative policy framework that will make shipping attractive to investors, ease access to cheap funding and encourage mergers.”
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