Stakeholders have urged policymakers to re-evaluate the allocation of over $360 million from the Cabotage Vessel Financing Fund (CVFF) to redefine Nigeria’s maritime industry and set a precedent for strategic investments in shipbuilding.
They also criticised the absence of an integrated national transport policy in the country, which they claimed hampers the development of indigenous ship acquisition capacity and financial assistance to Nigerian operations in the domestic shipping business.
This was stated at the Global Transport Policy Yearly Roundtable and Bilingual Magazine Public Launch, themed, ‘Transport Infrastructure and Strategic Policy Intervention: Building Blocks for Economic Growth’, held in Lagos.
A member of the United Nations Committee on Trade and Transport, Dr Alban Igwe, called for a strategic deployment of the CVFF to put Nigeria at the forefront of global shipbuilding.
According to Igwe, Nigeria, with over $360 million in CVFF funds, is poised to transform its maritime sector by establishing a robust shipbuilding industry.
He highlighted the stark contrast between Nigeria’s stagnant maritime investments and Kenya’s flourishing shipbuilding business, noting that Kenya constructs a ship with as little as $20 million.
By applying similar strategies, Igwe argued that Nigeria could construct 18 ships, thereby not only boosting its maritime capabilities but also significantly increasing employment.
Igwe stated that with 18 ships, Nigeria could become a shipping hub, emphasising the dual benefits of job creation and enhanced maritime commerce.
He proposed the establishment of a state-owned shipbuilding company, which could lead to the rapid construction of vessels and invigorate the blue economy.
Igwe said the expansion into shipbuilding is seen as a critical step for Nigeria to leverage its enlarged exclusive economic zone, which at 350 nautical miles, is the largest in West Africa.
Igwe’s vision extends beyond economic benefits, positioning Nigeria as a serious contender on the global maritime stage.
The Chairman/Chief Consultant at Global Transport Policy, Dr. Oluwasegun Musa, discussed the crucial role of strategic infrastructure and policy intervention in enhancing the economy but lamented the non-implementation of the National Transport Policy, which has led to numerous challenges.
He called for a collective effort to revitalise Nigeria’s transport infrastructure, noting that strategic policy intervention could lay the groundwork for sustainable economic growth, job creation, and improved quality of life for all Nigerians.
Musa emphasised the need for collaboration in implementing the National Transport Policy, particularly as Nigeria is part of the global transport chain.
