By Emeka Amaefula
REGIONAL MARITIME DEVELOPMENT BANK IN NIGERIA:A BOOST TO MARITIME SECTOR
Secretary National Association of Shippers In Nigeria Rivers and Bayelsa states chapter
The commencement of operations of the Regional Maritime Development Bank in Nigeria has been welcomed by Nigerians in the marine and Blue economy sector. This development is expected to have a significant impact on the country’s economy, particularly in the maritime industry.
This assertion was made by Dr. Babalola James Olatunde the Secretary National Association of Shippers In Nigeria, Rivers and Bayelsa states chapter in a seminal paper titled Regional Maritime Development Bank In Nigeria: Locations for trade and other matters arising in the shipping sector which he presented. He clearly stated the objectives of the Regional Maritime Development Bank in Nigeria as it is expected to serve several purposes, including:Regional Integration; Promoting economic cooperation and integration among countries in the region;Maritime Business Development*; Providing support for maritime businesses, including funding and capacity building; Economic Cooperation; Fostering economic cooperation among countries in the sub-region.
However it is expected to have long-term Funding Solutions which include, Offering long-term funding solutions for critical maritime sector projects
;Fleet Acquisition; Facilitating the acquisition of modern and efficient fleets; Shipping Logistics and Intermodal Transport System; Improving the efficiency of shipping logistics and intermodal transport systems.
He itemized government priorities in several areas, including:
Infrastructural Expansion; Investing in infrastructure to support the growth of the maritime sector; Inclusive Economic Growth; Promoting inclusive economic growth through the development of the maritime sector.; Regional Integration and Partnership; Fostering regional integration and partnership to promote economic cooperation and boosting maritime trade and unlocking funding for critical maritime infrastructure.
However he identified some Challenges despite the potential of the marine and Blue economy sector, several challenges exist, including: Bureaucratic Bottlenecks: Streamlining bureaucratic processes to facilitate business growth; inadequate Port Infrastructure; Investing in modern and efficient port infrastructure.
;Foreign Exchange Instability; Managing foreign exchange instability to promote economic stability;Skill Gaps and Training Needs; Addressing skill gaps and training needs in the maritime sector; Insecurity of Waterways; Ensuring the security of waterways to promote safe navigation; Weak Regulatory and Legal Framework and Strengthening the regulatory and legal framework to support the growth of the maritime sector.
According to the Maritime expert, there are Potential Impacts as it affect the marine and Blue economy sector which has the capability to generate wealth and create employment for Nigeria’s teeming youth population. According Dr. Babalola James Olatunde if properly developed, it can surpass the oil refining and telecommunications sectors in terms of revenue and employment generation.
He stated a call for action in the maritime industry as all stakeholders must work together to address the challenges and ensure the successful exploration and exploitation of the marine and Blue economy sector in Nigeria. This requires a collaborative effort from government agencies, private sector operators, and other stakeholders to unlock the potential of the sector and promote economic growth and development.
—–Emeka Amaefula—+234(0)8111813069—-
