Players in the maritime sector have been blamed for the country’s inability to own a national shipping company.

Nigerian Minister of Transport, Mr. Rotimi Amaechi, said that unless Nigerians provide sixty percent of the investment, as required by law, the establishment of a national shipping line would not be feasible. .

Mr. Amaechi noted that the law requires sixty percent of the funding to be provided by Nigerians while the remaining forty percent is provided by foreigners.

He said the plan had become virtually impossible due to the reluctance of major players in the shipping industry to raise such a large amount.

“For not having a national shipping line, some players in the shipping industry think that I may not have done well.

The law establishing a National Shipping Company states that Nigerians will provide 60% of the investment and foreigners will provide 40%”
The minister made the disclosure during a service of thanksgiving to mark the 71st birthday celebration of the chairman, Starzs Investment Company Ltd, Engr.

Gregory Utomwen Ogbeifun, in Benin, Edo State, southern Nigeria.

Mr. Amaechi said that although a foreign company had assured to provide one hundred percent of the money needed to set up the shipping line, he would not grant such approval as it would amount to flouting the law.

“So I went to Singapore, found a company that agreed to bring the forty percent but unfortunately till today no Nigerian has been able to provide the remaining sixty percent .

I was told by the company that they would bring all 100% and hire Nigerians as stakeholders but I disagreed as that would be breaking the law.

“There is also a company in Dubai that said they would set up the national shipping company by providing 100% but I told them that the law only allows them (foreigners) to provide 40%.

“Unless we change the law to allow us to allow foreigners to hold 60% of the investment and employ Nigerians, but as the law stands it is impossible for a foreigner to have 100 %.

As a minister, my job is not to bring in money but to create an environment for business to thrive,” Amaechi explained.

Emmanuel Ukoh

Transport minister blames stakeholders for lack of National Shipping Line