A maritime expert, Dr Kayode Farinto, has urged the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, to develop a comprehensive blueprint to revitalise the industry and ensure its long-term viability.
Speaking with the News Agency of Nigeria (NAN) in Lagos on Tuesday, Farinto stressed the crucial role of involving industry technocrats in crafting this blueprint. He believes it will provide a clear roadmap for the ministry, leading to increased employment opportunities, revenue generation for the government, and effective harnessing of untapped underwater resources.
Farinto expressed concern about the underutilised potential of the Ministry of Marine and Blue Economy, suggesting that the initial vision behind its creation remains unclear. He believes a well-defined blueprint would empower the government to address existing challenges and unlock the full potential of the sector.
He highlighted several key issues facing the maritime sector, including the need for readily available foreign exchange for port operations. While appreciating the current administration’s efforts in simplifying the Form M process, Farinto expressed concerns about the failing call-up system at the port, which he believes fuels corruption and increases cargo clearance costs.
Furthermore, he pointed out the stark contrast in the state of port access roads between the western and eastern regions, with the latter suffering from significant deterioration despite generating substantial daily revenue for the government. He urged the Minister of Works to prioritise improvements to the eastern port access road for enhanced port productivity.
Farinto also noted the importance of boosting exports to strengthen the naira. He suggested encouraging exporters to utilise rail transportation for cargo movement, minimising road extortion and illegal taxes, and significantly improving turnaround times. This, he believes, would bolster the naira’s value through increased export earnings.
Farinto urged policymakers to prioritise the maritime sector and explore its potential for revenue generation. By developing a strategic blueprint and addressing existing challenges, Nigeria can unlock the vast economic potential of its marine and blue economy.
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