…As Dakuku inaugurates Ship Registry Committee to lay foundation for Growth forecast***
The Nigerian maritime industry forecast for 2018/2019 has projected the nation’s Maritime industry to grow by 2.5 – 5 % within the period 2018-2019, with a projected increase in demand for maritime services in the country during the period of projection.
The forecast was presented by Dr. Doyin Salami of Kainosedge Consulting, a former associate of Harvard University, and unveiled in Lagos, Tuesday by the Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Adol Peterside, and the analysis showed that Nigerians should expect total fleet size to grow by 4.08% in 2018 and 4.41% in 2019.
The maritime forecast also project that oil tanker fleet size will decrease by 2.23% in 2018 and increase by 1.7% in 2019, when the non-oil tanker fleet size is projected to increase by 8.15 % in 2018 and 8.72% in 2019 while the oil rig count is projected to increase by 27.67% in 2018 and 0% in 2019.
The publication noted that the maritime sector plays a major role in the exploitation, distribution and export of Nigeria’s ocean resources, posting a total annual freight cost estimated at between $5 and $6 billion dollars annually. The maritime component of the Nigerian oil; & Gas industry is worth an estimated $8 billion dollars further reflecting the prominence of the sector to the Nigerian economy
Dr. Doyin Salami, a Faculty at the Lagos Business School in a handshake with the DG, NIMASA, Dr. Dakuku Peterside.
A first of its kind, the Nigerian Maritime Industry Forecast for 2018 and 2019 is intended to serve as a compass for local and international stakeholders willing to do business in the Nigeria maritime domain. It is part of the initiatives of the Dr. Dakuku Peterside led Management aimed at realizing a robust and virile maritime industry in Nigeria, and covers a time of continuous recovery from recession, to the 2019 general elections and finally culminates in the post-election era
“As a regulator, we are driven by values and commitment; as these are the only ways that investors can be attracted to harness the great potentials in our maritime sector. On our part, we will continue to work out incentives and maritime sector specific interventions to attract investments”, an elated Director General said.
Dr. Peterside expressed delight at the maritime forecast release which coincided with the release of the country’s Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS) confirming Nigeria’s exit from recession, saying it is a positive indicator that Nigeria’s economy is rebound for growth in 2018 and beyond.
He identified five bills undergoing legislative processes at the national assembly as key regulatory developments in the Nigerian maritime industry that will affect the maritime industry. These include the Anti-Piracy Bill, the establishment of the Maritime Development Bank, Inland Fisheries Amendment Bill, the Deep Offshore and Inland Basin Production Sharing Contract Amendment Bill and the Cabotage Act Amendment Bill 2017. “All these if passed to Law will help realize the dream of making Nigeria the maritime hub in Africa,”
Engr. Emmanuel Ilori
He also pointed out that some other factors that have contributed to the gradual growth being recorded in the sector are the receding crime in the Niger Delta Region, the Deep Blue Economy scale up of our maritime security architecture and continuous collaboration, which is addressing the immediate challenge in this areas aimed at suppressing the emerging threats on our waters.
Subsequently, the Director inaugurated a Ship Registry Committee, headed by industry guru and Lloyds ambassador, Engr. Emmanuel Ilori and mandated the Committee members to explore, identify and assist in eliminating challenges that would not allow the forecast come into fruition.
“It is my pleasure to announce that the registry committee will be Chaired by Engr. Emmanuel Ilori; other member are Mr. Adegbite, CEO of marine platform; A.J Musa, director in NIMASA; Abusalam A.S, a director in NIMASA; Mr. Aminu Umar, a major stakeholder in the industry; Agbabinoja Peter, Secretary of the committee, an assistant Director in NIMASA.
“They will do a comparison of the international best standard and find out where we have gaps in the Nigerian Shipping industry and advice us on how to address the gaps.
“This will be a doing committee, work hand-in-hand with us until we address those gaps and executes the projects; also to ascertain that the shipping registration processes are of the same standard with other global ship registries,” Dr. Dakuku stated further, even as the audience in response emphasized that while the composition and leadership of the committee was flawless, the agency should not adopt clandestine measures to frustrate them.
Ship Registry Committee
“The agency is noted for offering its yo-yo kind of behavior. Inaugurating a committee is one thing, allowing them to function, while providing an enabling working environment is another!”, an industry watcher who spoke on condition of anonymity told the Maritime First.
In a goodwill message at the event, the Secretary General of the Abuja Memorandum of Understanding (MoU) and former DG of NIMASA, Barrister (Mrs.) Mfon Usoro commended the forecast as a great interaction with the industry players to move the sector forward. Furthermore, she also observed that the increased presence of NIMASA activities in the maritime sector of the West and Central Africa sub-region is an indication that the present leadership of the Agency is on course.
Also speaking, Dr. Doyin Salami, a Faculty at the Lagos Business School noted that forecasts are essential tools for growing an industry. In his analysis of the maritime forecast at the event, he pointed out that the gaps in the sector must be filled by policy makers in the sector in order to realize its potentials. He urged all investors, local and international to take the forecast serious as a way of enhancing the growth of their businesses.
