Business
Expert Urges Human Dev For Effective Cabotage Regime
The Chairman of the Na
tional Seafarers Welfare Board, Chief Kunle Folarin, has said building human capacity was necessary for Coastal and Inland Shipping Act (Cabotage regime) to work effectively.
Folarin said this in an interview with The Tide source in Lagos.
“We have seafarers but it depends on the type of seafarers they need.
“Even within the junior cadre, you have the need for electricians; the need for greasers; for box wheel and other category; even for catering staff and able seafarer.
“The capacity must be in all these cadre of junior seafarers.
“ When you look at officers, you must look at marine engineers; you must look at master mariners, captains, chief mates.
“You must look at the radio man; you are looking at those who have the competence to be officers.
“Those are the issues we have to look at. How do we develop capacity in all these areas so that the demand to man for that particular provision in the Cabotage law can be satisfied.
‘ And besides that, you look at the trade itself, how much internal trade are we generating?
“Do we have transshipment facility in Nigeria to transship cargo from Lagos to Port Harcourt.
“From Warri to Port-Harcourt; Port Harcourt to Lagos itself.
“We must ensure that the capacity and the availability of transshipment cargo is there so as to generate a kind of traffic that can be sustained.”
He said that the nation lacked enough junior and senior cadres of seafarers to meet the demands of the Cabotage trade.
Folarin, who is the Chairman, Port Consultative Council (PCC), said practitioners should also consider the rate of internal trade (transshipment cargo) being generated.
He said that the country also lacked required technical know-how to build all ships meant for Cabotage trade.
He, however, acknowledged that there were efforts to raise more seafarers in the junior category.
“You go to joints, you go to the cinema, you go to different places, everybody, it’s just complain.
“Let everybody get involved, Nigeria is our own country.
“Everybody has the right to choose which political party or which candidate to support; it’s every Nigerian’s right.
“And that’s one of the dangerous things about Nigeria, if you support the person that this other one does not support, automatically they will curse you, but it’s not supposed to be so.
“Let your candidate defend himself, let my candidate defend himself. Whoever talks better or performs better than the other, it’s still one Nigeria.
“If two people are contesting and one wins, either way they are contesting to help Nigeria .
“ So the loser should be able to now come and work together with the winner and criticise constructively.
“Not the kind of criticisms that amount to outright condemnation, even if the person does good.’’
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2Face told NAN that he would actively participate in the elections and encouraged other Nigerians, especially the youth not to be violent during the exercise.
He said that he would continue to be non-partisan in his engagements with Nigerians.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.