Business
‘Nigeria Lacks Indigenous Participation In Cargo Handling’
The Managing Director, Oceangate Engineering and Geophysics Ltd., Mr Taiwo Magbojuri, says Nigeria lacks indigenous participation in maritime industry, in terms of vessels, cargo, ship liners and others.
Magbojuri, a maritime expert, said in an interview with newsmen in Lagos that stakeholders in the maritime industry should ensure compliance with the Cabotage law to provide employment.
He said that Nigerian youths could not be looking for jobs when opportunities abound in the maritime industry; which was mopped up by foreign professionals at the detriment of the country’s teeming youths.
Magbojuri described the compliance with the Cabotage law which stipulates certain percentage of indigenous involvement in the control of waterways and vessel as a means of job opportunities for youths.
According to him, some, who, we believe are players in the sector, are just there to make money and not representing the interest of Nigerian youths at all.
“Many international ships coming to Nigeria does not have Nigerian personnel on board as they prefer using their nationals which is against the Cabotage law,’’ he said.
Magbojuri said that the problem of foreign vessels not employing Nigerians was not the only challenge, but that some indigenous owners of vessels were also guilty too.
“The foreigners are not only to blame but the indigenous ship owners in Nigeria are as guilty as their foreign counterparts.
“There must be a concerted effort to bridge this gap in the maritime sector as this can really drive the economy and provide employment to our youths.
“There are many areas in which the youth can work in the ships which should not be attributed to the foreigners at all. It is time to stand up for what is ours.
“The laws are there but we need to fulfil what the law says, most especially the cabotage law in order to reduce unemployment in Nigeria,’’ he said.
Magbojuri said, “the maritime industry needs a revamp in order to provide the necessary succour to the unemployed youth in Nigeria.’’
“What we want is simple. We are talking about employment opportunities for Nigerians but we are not opening up a viable industry that can absolve as many as it wishes.
“There are prospects in maritime industry but these opportunities are mopped up by foreign professionals at the detriment of the indigenous experts.
“Many vessels that come to Nigerian territorial waters do not comply with our Cabotage laws. They are filled with foreign expatriates. Even the local vessels does not have the required number of indigenous experts.
“If Nigeria sincerely wants to grow the maritime industry, foreign experts cannot do it for us. We need to train our own in becoming masters in the ships through cadetship training programmes,’’ he said.
Magbojuri said that the Nigerian maritime industry had been left behind for long and consistently controlled by foreigners who added no value to the economy.
“There was a study conducted in University of Lagos by Prof. Stephen Oyebade, in which we realised that the maritime industry has been left behind which has given gap toward its development.
“If we can synergise development in maritime sector, we will be able to employ Nigerians, not even the
“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.