Shipowners in Nigeria have identified inadequate funding as the major challenge threatening shipping development in the country.
The leadership of the group wants government to initiate favorable policies that would assist to grow Nigerian tonnage and develop local capacity.
TVC News Correspondent, Ifunanya Eze reports that Nigeria is one of the biggest destination for export and import of cargoes.
This is in consideration of the huge population and the market it offers, but Nigerian Shipowners said that indigenous participation in the ocean going business have been negligible.
Inadequate funding, high duties and taxes in addition to unfavorable policies remain a major setback for shipping development in the country.
The cabotage vessel financing fund is yet to be disbursed despite relentless agitation. The reason for shipowners reluctance to register under Nigeria’s flagship has also been attributed to stringent shipping policies in the country.