Marine engineers, Naval architects say maritime infrastructure needs $1bn for upgrade

Marine engineers and Naval architects under the auspices of Nigerian Institution of Marine Engineers and Naval Architects (NIMENA) have said that Nigeria’s maritime infrastructure need $1 billion upgrade.

The Marine engineers and Naval architects, who converged for 13th Annual Conference held in Port Harcourt, Rivers State, noted that going by increasing decay and infrastructure deficits in the maritime sector, $1 billion would be required to bridge the gap in the maritime sector.

While identifying inadequate power supply, steel production, and financial support as the bane of development in maritime industry, NIMENA added that banks’ refusal to accept vessels as collateral due to their classification as movable assets further compounded problems in the sector.

Speaking through a communiqué, NIMENA lamented dormancy of Cabotage Vessel Finance Fund (CVFF) and lack of funds to acquire vessels and compete with foreign vessel owners.

They also worried about the waiver system which allows the Minister of Transportation to issue waiver to foreign vessels to do what Nigerian vessels ought to do, just because Nigerian maritime operators do not have the vessel.

Read also: Indigenous ship acquisition hindrances, vessel financing crisis, reecho at marine engineers summit

The stakeholders noted the problems of maritime industry and the blue economy on how limited access to capital hampering indigenous operators and minimal disbursement of the Cabotage Vessel Financial Fund (CVFF).

On maritime safety compliance, NIMENA said with over 90% of global trade reliance on maritime transport, safety standards are paramount for safeguarding lives and the environment.

The Body of Marine engineers and Naval architects called for stengthening certifications and standards to drive professionalism, enhance safety, and stimulate economic development.

Delivering a keynote address, Andrew Aligbe, a Marine Engineer and Managing Director of Gelose Marine Services Limited, dwelt on the Cabotage Act and the Role of Waivers in Advancing the Maritime Industry;

He mentioned Technological Innovations in Naval Architecture; Maritime Safety Compliance; Establishing Marine Classification Standards for Shipbuilding; and Welding Standards and Regulations in Maritime Engineering as part of variables needed for a robust development in the maritime industry.