Business
Ex-Lawmaker Seeks Review Of Nigeria’s Maritime Policies
A former Chairman, House Ad-hoc Committee on Maritime Security, Dr. West Idahosa has called for a review of Nigeria’s maritime policies for the benefit of indigenous operators.
Idahosa made the call in an interview with newsmen in Lagos.
He said maritime policies, especially the Cabotage Act, must be evaluated based on three critical factors of national capabilities, availability of qualified manpower and global best practices.
According to Idahosa it is important to know what has happened to indigenous participants’ capacity to compete with global competitors since the Cabotage law was enacted.
“We must find out the percentage growth to the degree of participation by indigenous ship owners in the sector since the passage of the Cabotage law,’’ he said.
Idahosa said the international nature of the maritime, made it imperative to operate on the same level with the rest of the world with necessary infrastructure.
“I know the Cabotage law was largely meant to promote growth of indigenous entrepreneurship and give a sense of economic support to those who have invested in such a major sector of the economy.
“I do not think the advantage can come, given the fact that Nigeria does not have, to the best of my knowledge, more than one or two shipyards.
“I know that Nigerdock is there and a few dockyards around to possibly do minor and pedestrian ship repairs.
“But I think that when it comes to major assemblage of ships, you have to defer to America, China, Germany, South Korea, even Singapore,’’ Idahosa said.
He said that since the Cabotage law was meant to promote Nigerian-owned vessels, it was important to define the ownership being referred to.
“Is it ownership by presence? Is it ownership commercially by purchase? Is it ownership by assemblage? Is it ownership by flagging? These are the various issues,’’ Idahosa said.
He suggested that the Cabotage law be reviewed in order to make adjustments and align with time to avoid operational difficulties.
Idahosa suggested more private sector initiatives in realisation of the objectives of the Cabotage law.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.