FG loses N793.3trn annually to dependence on foreign ships

The Federal Government (FG) is losing about N793.3 trillion ($1 trillion) to dependence on foreign ship owners for the shipment of its import and export goods.

A member of the former Presidential Committee of Fleet Expansion and Chief Executive Officer of Starz Marine and Engineering Ltd, Greg Ogbeifun, disclosed this at a one-day event with the theme “Ships, Ports, and the Challenges of Infrastructure, Skills Sets and Tools.”

Ogbeifun, who was the Chairman of the occasion, said the revenue loss is growing annually, adding that the estimated loss as at 2011 was about $500 million.

While commending President Bola Tinubu for the steps taking so far such as establishment of the Marine and Blue Economy, he however charged the President to go further to ensure that ships are acquired by Nigeria through the private sector to halt the revenue loss.

He stated: “If I am to just assert the guess, this country is losing close to a trillion dollars in the entire shipping sector both infrastructure, human capacity, cargo carriage.”

He maintained that creating private platforms will help to refloat the sector and ensure its continuity.

He noted: “If we get established platforms for the policies of the new Ministry of Marine and Blue Economy, that ministry can get ahead of others and that is what has called me out back into active Maritime activities.

“These are the areas the government must come in and address and there will be proliferation of different fleets and carrying different cargoes.’’