Ezekwesili Urges Competition In Shipping Sector

Former Vice President of African Region, World Bank, Mrs. Obiageli Ezekwesili, has said that only competition can drive development of the shipping sector.

Ezekwesili made the remarks while delivering a paper on “Financing Options for Shipping Development at the just concluded Nigeria Maritime Expo (NIMAREX) and noted that only competition can drive development of the shipping sector.

She submitted that the nation’s maritime industry had not opened up effectively, because the players had 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, urged operators in the shipping sector to drive their arguments with economic data to attract funds.

The former education minister 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.

She lamented the low participation of indigenous operators in Nigeria maritime trade.

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 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”, the former World Bank chief posited.