Business
Nigeria Losing $40b Annually From Maritime Sector – NIMENA
Nigeria is said to be losing over $40 billion annually from the maritime sector due to poor regulatory standards and the lack of enforcement mechanisms.
The newly elected Chairman of the Nigerian Institution of Marine Engineers and Naval Architects (NIMENA), Eferebo Sylvanus, disclosed this in a statement, lamenting the significant revenue losses plaguing the sector.
He attributed the challenges to weak enforcement frameworks and substandard regulatory practices.
To reverse this trend, he, among other stakeholders, are canvassing for proper regulation and prioritisation of research and development, which they argued, could unlock the full potential of the sector thereby contributing to the country’s economic growth.
Sylvanus said, “Nigeria has the potential to generate over $40 billion annually from the maritime sector. However, we are losing out on this because of a lack of proper regulatory standards and enforcement mechanisms.
“It is crucial that we focus on strengthening these areas and investing in research and development to solve the sector’s challenges”.
Sylvanus was elected at an extraordinary general meeting held in Port Harcourt, which witnessed the emergence of other members of NIMENA’s Executive Committee.
The Chairman, who described his election as a call to service, emphasised his readiness to reposition NIMENA as a leading institution for maritime research and development, contributing to Nigeria’s and Africa’s economic growth.
Outlining his vision, he said, “My priority is to lead NIMENA to attain international recognition. We will set up a journal house to publish research and development activities that will tackle Nigeria’s and sub-regional maritime challenges. Our collaboration with regulatory agencies, policymakers, and stakeholders will play a critical role in achieving this goal”.
As part of his plans, the new Chairman announced a membership drive aimed at engaging undergraduate marine engineers, young practitioners, and others outside the institution.
“We have set up a membership committee to address the challenges faced by prospective and existing member, while enhancing their benefits”, he added.
On his part, the immediate past chairman of NIMENA, Daniel Tamunodukobipi, commended the transparent election process and urged the new leadership to sustain existing initiatives to enhance safety in Nigeria’s waterways.
“It is important to develop and maintain codes and standards to strengthen the safety framework in the sector. Public enlightenment campaigns are also necessary to educate Nigerians about the activities of NIMENA and the importance of a well-regulated maritime sector”, he said.
Experts also noted that ineffective regulation has created loopholes for revenue leakages, illegal maritime activities, and substandard practices that deter foreign investment.
They called for collaborative efforts between professional institutions like NIMENA, regulatory agencies, and the private sector to restore confidence in the industry.
Sylvanus concluded by assuring stakeholders of NIMENA’s commitment to delivering on its mandate.
“We will engage in workshops, technical sessions, and collaborations with government agencies to ensure that the maritime sector becomes a major revenue earner for Nigeria. Together, we can transform this industry into a global standard”, he said.