Rewane urges FG to address institutional bottlenecks for sustainable maritime growth
THE Managing Director/ Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has emphasised the need for the federal government to tackle institutional challenges to realise stable and sustainable growth in the maritime sector.
Rewane highlighted the importance of addressing corruption, enhancing integrity and improving transparency, particularly at ports and terminals, to foster investors’ confidence in the sector.
He stressed the necessity of upgrading port facilities, connectivity, and logistics infrastructure for efficient operations.
Speaking yesterday at the second Maritime Breakfast meeting organised by the Nigerian Maritime Law Association ( NMLA) in Lagos, Rewane called for the harmonisation of maritime activities and vigilant implementation monitoring.
He suggested tax concessions for investors and advocated cooperation between the public and private sectors in establishing key infrastructure.
Rewane also emphasised operational reforms to spur technological advancements and ethical business practices within the sector.
Rewane outlined several challenges facing the maritime sector, including inadequate financial support, inconsistent government policies, insufficient port infrastructure and the dominance of foreign companies in cargo transportation.
He noted the lack of skilled professionals, political hesitancy in enforcing regulations, exchange rate fluctuations and the scarcity of dollars as factors complicating trade transactions. Also, Rewane pointed out the impact of rising customs duties on operational costs for importers and exporters.
Highlighting the economic dependence on import and export volumes amidst exchange rate volatility, Rewane mentioned that Nigerian seaports handle approximately 95 percent of vehicular means in international trade. He elaborated on how port congestion, traffic gridlock, and delays escalate costs, insecurity, and loss of trade, leading to cargo diversion to neighboring countries like Benin Republic and Togo.