Tax holiday will boost maritime sector – Rewane

Finance experts have called on the federal government to introduce tax holidays in the maritime sector to boost investment.

The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, made the call while speaking at the second Maritime Breakfast meeting organised by the Nigerian Maritime Law Association (NMLA).

This year’s Maritime Breakfast meeting had as its theme: “The Interplay of the Maritime Industry and the Macro Economy in Nigeria – The Way Forward.”

Rewane said, “There are three dynamics: leadership, policies and institutions. If you have good policies, good leadership and weak institutions, the economic outcome is negative. If you have bad leadership, strong institutions and good policies, the economic outcome is positive.”

• Foundation, Canadian charity distribute food items to 200 families
• Akpabio to Falana: Ningi’s suspension a parliamentary decision

He added that foreign exchange complications had largely affected the maritime sector business in recent times, and that the challenges were likely to persist in the near future.

Speaking on the headway to optimise the nation’s maritime sector, Rewane said: “Addressing corruption and promoting transparency will boost investor confidence. There should be tax concessions for investors.”

He decried the strenuous cargo clearance procedures at the nation’s seaports amid widespread corruption, smuggling and manual processes, adding that such actions had led to cargo diversion to ports in Benin Republic and Togo.

Also speaking, the President of NMLA, Mrs Funke Agbor (SAN), maintained that a growth in the maritime sector would invariably lead to holistic national economic development.