By: Joy Enamuna

The House of Representatives has highlighted the dire need for sweeping reforms in Nigeria’s maritime industry, citing the country’s failure to tap into its vast maritime potential. The call for action comes as stakeholders lament the loss of a staggering $9 billion annually to foreign shipping lines due to the absence of clear cargo reservation policies.

During a recent book presentation, Nigeria’s shipping policy and maritime Trade up to the Early 21st Century by Edmund Chilaka,The House Committee on Maritime Safety, Education, and Administration emphasized the need to amend the 17-year-old NIMASA Act, citing outdated terminology, limited prosecutorial powers, and inadequate financial autonomy as major hindrances to growth.

Experts and stakeholders at the event urged the government to increase cargo allocations for indigenous shipowners, arguing that this would revitalize dormant sectors of the Marine and Blue Economy. They also called for a more proactive role for NIMASA in international trade and cargo management.

The House of Representatives has pledged to drive legislative reforms aimed at shaping Nigeria’s economy and promoting sustainable growth in the maritime sector. With the country’s economic future hanging in the balance, the clock is ticking for meaningful change.