Maritime Industry Biggest Problem To Investors, AFCFTA – LCCI

The Director General, Lagos Chamber of Commerce and Industry (LCCI) Dr. Muda Yusuf has expressed worries over the lack of cooperation among maritime government agencies  and decay in infrastructure , even as he described the sector as the worst to economic sustainability and Africa Continental Free Trade Area (AfCFTA) agreement

 

Yusuf who disclosed this on Wednesday during the 3rd Annual Lecture and Award ceremony put together by Primetime Reporters in Lagos, lamented that the sector would continued to suffer setbacks until the maritime parastatals and agencies work harmoniously.

 

While speaking on theme Assessing Nigeria’s preparedness to maximize the gains of AfCFTA,the DG said frustration , headache, discretion in the maritime industry pointing out ” One of our biggest problem as investors is coming from the maritime sector.

 

Yusuf who was the lead paper presenter reiterated that some of the agencies in the maritime industry operate under a monopolistic approach noting that AfCFTA will favour some countries against others .

 

He said some sectors will benefit from AfCFTA while others will suffer and companies with huge capacity will take advantage of AfCFTA market .

 

“Am happy we have quite a number of maritime players in attendance here, most of the problems with AfCFTA is coming from the maritime sector.

 

Yusuf said some of agencies operate as monopoly affirming that the sector lack dispute resolution mechanisms that is credible to tackle issues confronting the Industry.

 

He lamented that the sector lack Industry regulatory framework and might militate against International trade.

 

The LCCI boss said 90% of cargoes move by sea thus the Industry must be top notch stressing that such is not attainable in Nigeria.

 

“There is a whole lot to do especially in maritime to make the AFCFTA work out for good.”

 

 

 

Speaking earlier, Managing Director/ Editor in Chief , Primetime Reporters Newspaper, Mr. Augustine Nwadinamou  stressed that the annual ritual couldn’t hold in 2019 due to logistics reasons adding that the 2020 was suspended due to the coronavirus pandemic lockdown.

 

While stressing on the 2021 theme Nwadinamou noted that” It is indeed, no doubt the continent of Africa is no match to a new dawn- a new phase for attaining inclusive and sustainable development across the continent is the AFCFTA.

 

“Six months into the commencement of the free trade in the continent, not much has been heard about it expectations for few references in some occasions. Let us not forget that before now ,many Nigerians have been so skeptical about AFCFTA owing to the infrastructure deficit inherent in the country.

 

The publisher added that lack of information by the concerned stakeholders may also pose greater challenges to the success of AFCFTA, arguing that Nigeria must address the bottleneck in order to benefit from the agreement which seeks to create a single market in Africa.

 

He explained that with a single market with population of 1.2billion people and a combined Gross Domestic Product of $3.4 trillion, the continent trade agreement also harped on the need for methodically harvest and integrate all data associated with AfCFTA into it’s system for easy deployment, access and use by the trading public.

 

Chairman of the event , Barrister Osuala Nwagbara, while speaking with newsmen, shortly after the programme harped on the need for more awareness strategies in promoting AFCFTA.

 

Nwagbara a maritime lawyer pointed out that some shippers are still ignorant about the gains and benefits of AFCFTA pointing out that the Continental trade agreement is still a work in progress.

 

The maritime lawyer stated also that National Action Committee on AFCFTA was working tirelessly to create the desired awareness but urged it also that up the ante.

 

However, he expressed optimism that Nigerian investors would benefit from the continental trade .

 

 

By Roland Ekama