NIMASA Working To Re-establish National Shipping Line- DG

Nigeria is on course to re-establish a national shipping line, a move that would help in the diversification of revenue sources for Africa’s largest economy, the Director-General of the Nigerian Maritime Administration and Safety Agency, Bashir Jamoh said.

The DG disclosed this on Wednesday while addressing members of the National Fleet Implementation Committee in Lagos.

Jamoh said, “There is no better time to have a national carrier and develop the maritime industry than now, when the world is gradually looking away from fossil fuels, which currently form the mainstay of the Nigerian economy, and President Muhammadu Buhari is trying to diversify the economy from oil.

“Nigeria cannot be caught unawares; we need to look at ways of developing our shipping sector, which, from studies, is capable of earning the country even more than oil annually.”

The DG said the country’s maritime sector had the potential to grow between three to five per cent annually following the size of the Nigerian local market.

The Nigerian National Shipping Line was in 1995 liquidated.

The NIMASA boss said the country had been looking for avenues to float a national carrier, particularly through private sector participation.

“We need to have a sustainable national shipping line in order to avoid the reasons the NNSL was liquidated. The committee must focus on ensuring that the implementation stands the test of time.

“It is also the third leg of the tripod driving the development agenda of the current management at NIMASA,” Jimoh said.

The Chair and Executive Secretary, Nigeria Shippers’ Council, Hassan Bello, said that the quest for a Nigerian fleet is essential in ensuring that the country regains control of its external trade, thereby opening up the economy.

He said, “This is a perfect time for Nigeria to invest in its own fleet, with global dependency on oil projected to dwindle considerably by 2030 and alternative power sources replacing fossil fuels in many countries.

“Consequently, a mono-economy, such as ours, should be diversifying into other revenue streams, with maritime being a major potential earner.”