Reps seek establishment of maritime bank

To address some of the challenges hampering business growth in the shipping segment of Nigeria’s maritime and blue economy, the House of Representatives has promised to facilitate the establishment of a maritime bank. Chairman of the House Committee on Shipping Services, Abdussamad Dasuki, gave the assurance on Thursday during the committee’s oversight visit to the […]

To address some of the challenges hampering business growth in the shipping segment of Nigeria’s maritime and blue economy, the House of Representatives has promised to facilitate the establishment of a maritime bank.

Chairman of the House Committee on Shipping Services, Abdussamad Dasuki, gave the assurance on Thursday during the committee’s oversight visit to the Nigerian Shippers’ Council (NSC) in Lagos.

Dasuki, who was responding to the challenges listed by the council, including capital flight, which is affecting the shipping and port segment, said the committee would “Look into the possibility of championing the maritime bank.”

“The maritime sector – key players and ship owners – will have their own bank. The whole idea is to stop the capital flight we currently have in the maritime sector,” he said. 

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Stating that the bill to make NSC the true regulator has passed the second reading, Dasuki assured that public hearing on the “All-important bill that we believe will be the catalyst for changing our economy” will hold soon.

However, the committee asked for further briefing on one of the expected provisions in the bill – the 1% freight stabilisation fund – at the budget defence.

However, “We have taken note of the current issues happening with the ministry of finance with regards to your 50% revenue generation, which you highlighted as not a revenue-generating agency.

The NSC Executive Secretary/Chief Executive Officer, Mr. Akuta Pius Ukeyima, stated that the added role of port economic regulator places more work on the agency to regulate the sector. 

Banking on the support of the committee for a speedy passage of the enabling bill, Ukeyima said: “We now have a committee that is centred purely on shipping services in the House of Representatives.”