The Minister of Transportation, Rotimi Amaechi, has identified weak laws and lack of regulation as affecting the performance of the country in the Maritime sector.
The Minister made this disclosure at a stakeholders’ forum organized to review the draft National Maritime Transport Policy held in Lagos.
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Amaechi who was represented at the forum by the Permanent Secretary, Ministry of Transportation, Magdalene Ajayi, noted that despite the abundant opportunities in the sector, the potential is largely underutilized, weakly regulated and relatively unharnessed.
According to him, the challenge is further compounded by bureaucracy, weak laws, corrupt practices, inadequate capital for investment and maintenance of ships.
Other challenges, according to the Minister, are poor incentives for investors, lack of indigenous carrier vessels, sea unworthiness of indigenous vessels where they are available, poor integrated water transport systems; among others.
“This informed the need for the current Administration of His Excellency, President Muhammadu Buhari, and the leadership of the Federal Ministry of Transportation to embark on developing an all-encompassing and all-inclusive National Maritime Transport Policy that will stand the test of time.”
Chairman of the Forum, Paul Adalikwu, assured that the meeting will provide the platform for all stakeholders in the sector to share experiences and exchange ideas on contemporary issues that will positively affect the Maritime sub-sector as well as the nation.