A new initiative between the Federal Government and the private sector, designed to showcase the nation’s maritime endowments and attract international funding may hold in March, this year.

Tagged the Nigerian Maritime Expo (NIMAREX), the annual event is being sponsored by the Federal Ministry of Transport and its various parastatals: Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Ports Authority (NPA), Nigerian Shippers’ Council (NSC) and National Inland Waterway Authority (NIWA), as well as maritime stakeholders like ship owners and other parties that have things to do with the shipping industry.

Disclosing this at the weekend, NIMAREX Planning Committee Chairman, Eze-elect, Chijioke Egwuagu Collings, also assured that the authorities would focus on foreign investors who only had something to offer, rather than those seeking for who to further exploit.

“We are looking for investors now with genuine interest of our country at heart. Not those investors who will come and take advantage and give nothing back,” he indicated further, adding that the gesture would be of immense benefits to the nation’s shipping firms, freight forwarders and other stakeholders in the maritime industry, particularly those involved in stevedoring, fabrication, terminal handling, clearing, Customs operation, banks, insurance companies etc.

“We are expecting the Secretary General of the International Maritime Organisation, Mr Koji Sekimizu, and former Head of State, General Yakubu Gowon to chair day one of the event. We are also expecting Dr. Goodluck Jonathan, President, Federal Republic of Nigeria as the Chief Host and to be present at the opening of the event.  We are also expecting the Transport Minister, Senator Idris Umar who is the host of the event as well as the Minister of Finance, National Planning  andCommerce and the Governor of the Central Bank of Nigeria and a host of others.

“Our objective is to unlock this dormant sector so to speak, because when you look at the opportunities we have in this sector, they have to do with shifts in government policy.  We strongly believe that government should adjust her policies accordingly and if that is achieved, a lot of employment opportunities will be created for seafarers; a lot of training opportunities will also be created. And looking at finance in terms of earnings, a lot of banks will also be enhanced if the policies of government we want them to adjust and modify are achieved in this outing.

“We have observed that among all the oil producing nations in the world today, Nigeria is the only nation that runs a different trade policy. Other oil producing nations of the world trade their crude oil on Cost, Insurance and Freight (CIF) bases.  Meaning if you are buying their product, it will be their responsibility to deliver to your destination wherever the cargo is going to.  They will ensure that they deliver.  That is how other nations trade with the world over, except Nigeria.

“So, we are very optimistic that during this event on or before or immediately after the event, government will see reasons to adjust our crude oil sales policy from FOB (Free on Board) to what the rest of the world is doing which is CIF (Cost, Insurance and Freight). If that happens, it will create a lot of job opportunities for Nigerian shipping companies; it will mean a lot of added revenue.

“For instance we lose about $5 million everyday because of this faulty trade policy. And $5 million a day added to the economy will make a lot of difference, if you look at the recent event that took place where the government of Nigeria was at war with its citizens over N1.33 trillion fuel subsidy. For us in the shipping sector, it was saddening because the implementation of the Cabotage Act which was sign into law about nine years ago if implemented, would have been more than an enough subsidy; it would provide for this subsidy fund we are talking about.

“Every day, we trans-ship not less than 30 million litres of product within our waters. Like you rightly know NNPC and PPPRA are coming up with figures of what we consume every day.  These cargoes are brought into Nigeria and they are trans-shipped on a daily basis.  The cargo volume of 30 million litres is a lot of cargo.  It is trans-shipped here with zero participation of indigenous ship owners. We don’t participate because it is a carefully orchestrated design by those who import these cargos to scheme the (Nigerian) players out completely. They give irrevocable payment orders for large quantities of products to be supplied to Nigeria. These irrevocable payment orders are given to very few Nigerians and their foreign counterparts.