As Nigerians celebrate the 64th Independence Day anniversary, stakeholders in the Nigerian maritime sub- sector have taken stock of the slow development of the sector even as it was given a new Ministry of Marine and Blue Economy under the President Bola Ahmed Tinubu Renewed Hope administration.
At 64 , the Nigerian Maritime industry , just like other major sectors of the Nigerian economy is still struggling without new frontiers to boost of. No shipping policy, no fictional indigenous shipping activities, no ship/ repair yards, worst still, no clear cut maritime policy to drive the growth in the industry.
Worried by the continuous under performance of the sector and the total derailment by political appointees which the Tinubu administration has flooded the industry with under his Renewed Hope agenda , maritime industry experts are worried of the continuous dwindling fortunes of the well endowed Nigerian maritime industry . While some experts are either tired or have taken a “Sidon look postures”, others who are direct beneficiaries of the misfortunes of the sector are however happy to see the sector buried so far they are feeding fat from it .
Such was this piece from Sea Empowerment and Research Centre. In this advisory policy direction to the Minister of Marine and Blue Economy Adegboyega Oyetola, the Sea Empowerment Research Centre said:
“The Sea Empowerment and Research Centre RGT wishes to refer the Hon. Minister to the issue raised in part 1 of this 3rd Quarter Bulletin, September ending 2024.
The Centre strongly sees a need for the Minister to under take an independent ports operation system study and wish to suggest that, from information raised in part 1 of this bulletin, the possibilities of non -reasonable and prompt declaration of revenue due for government by some of the agencies in the maritime industry can not be overruled hence, the need for a deliberate tidying of undue compromises and institute the right practices, supported by the right legislations and regulatory framework.
In the light of this, here are some insights to consider:
• UNOFFICIAL PAYMENTS: Unreceipted fees, charges, and settlements can lead to underreporting of revenue, as these transactions might not be officially recorded.
•CORRUPTION AND PERSONAL ENRICHMENT: The possibility of funds ending up in personal pockets, as earlier mentioned, is a concern. This could be due to corruption, bribery, or other forms of malfeasance.
• LACK OF TRANSPARENCY AND ACCOUNTABILITY : If there’s limited transparency in financial reporting and lack of effective accountability mechanisms, it can create an environment conducive for under declaration of revenue.
•Inadequate OVERSIGHT: Insufficient oversight from regulatory bodies, audit agencies, or other external entities might contribute to the underreporting of revenue.
•COMPLEXITY AND OPACITY: The operational activities of these agencies can be complex, making it challenging to track and verify revenue generation. This complexity might be exploited to conceal under declaration.
•CULTURAL AND SYSTEMIC ISSUES: Unfortunately, corruption and under declaration of revenue might be deeply ingrained in the culture and systems of these agencies, making it difficult to address.
TO ADDRESS THESE CONCERNS, IT’S ESSENTIAL TO:
•Strengthen transparency and accountability -through regular audits, financial reporting, and public disclosure.
•Enhance oversight- from regulatory bodies, audit agencies, and other external entities.
•Implement robust internal controls to prevent corruption and ensure accurate financial reporting.
•Promote a culture of integrity within these agencies, encouraging ethical behavior and whistleblower protection.
•Conduct regular investigations, into allegations of under declaration and corruption, with consequences for those found guilty.
By taking these steps, it’s possible to reduce under declaration of revenue and ensure that these agencies contribute accurately to the government’s coffers.
In conclusion, while the Ministry channels attention towards the evolution and integration of the blue economy projects, it must not failed in the areas of repositioning both the global image of our ports and for optimal efficiency and competitiveness.
The way towards in achieving these feats, is to undertake an independent port operations system study.
Happy Independence to all Nigerians. Thank you for your attention.
Fwdr. Dr Eugene Nweke Rff Fnis Fptm Ksm
Head Of Research @ Sea Empowerment Research Center RGT.
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