SIFAX Boss Calls for Improved Investments in Maritime Sector

Kindly Share This Story:

TAAM 1: L-R: Oliver Omajuwa, Strategy Director, SIFAX Group; Bode Ojeniyi, Group Managing Director, Sky Capital & Financial Allied Limited and representative of Dr. Taiwo Afolabi, Chairman, SIFAX Group; Mrs. Olamide Odusanya, Director, Internal Audit, NIMASA and representative of Dr. Bashir Jamoh, Director General, NIMASA and Barr. Temisan Omatseye, Keynote Speaker and former Director General of NIMASA at the 5th edition of the Taiwo Afolabi Annual Maritime Conference held at the Main Auditorium, University of Lagos, Yaba


As Nigeria is transitioning to a non-oil dependent economy, attention needs to be
shifted towards other critical sectors, especially the maritime industry, so they
could contribute substantially to the country’s Gross Domestic Product (GDP).
Speaking at the 5 th edition of the Taiwo Afolabi Annual Maritime (TAAM)
Conference held at the University of Lagos (UNILAG), Dr. Taiwo Afolabi, Chairman,

SIFAX Group, said the dwindling oil revenue in recent years and the huge
potentials locked in the maritime sector make it imperative for the Federal
Government to show better commitment to the industry.

He said: “The country’s national budget, in the last few years, has been majorly
funded without revenue from oil but from other sectors. The days of over reliance
on oil is behind us now and it’s time we focused on transitioning from an oil-
dependent economy to non-oil reliance. The maritime sector, I can say without
any fear of contradiction, will play a crucial role in this economic transitioning if
more attention is committed to the industry.”

Despite the growth that the industry has witnessed in the recent years including
development and approval of various deep-sea ports, springing up of inland
container depots across the country, linking seaports with rail lines, among
others, Afolabi further noted that the sector is still facing with major problems which are slowing down its growth and impact.

He said: “It is without doubt that the maritime industry in Nigeria is grappling with
various issues including infrastructural deficit, foreign exchange bottleneck,
insecurity on our waterways, low level of technology adoption and deployment as
well as inconsistent policies, among others. These issues have largely limited the
ability of the sector to contribute significantly to the country’s Gross Domestic
Product (GDP). If well harnessed, the maritime industry has the potential to
become a major revenue earner for the country, particularly with the declining oil

The TAAM Conference is a maritime summit organised by the Maritime Forum of
UNILAG’s Law Faculty in partnership with the SIFAX Group and serves as a
platform where key maritime issues that border on the sector’s sustainable
growth are discussed, while also stimulating the interests of university students in
the industry.

The theme of this year’s conference is “The Maritime Roadmap Project: Making
Nigeria A Leading Maritime Nation In The World.”

Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

%d bloggers like this: