Akoma Chinweoke
25 October 2009
Director general of the Nigerian Maritime Administration and Safety Agency, NIMASA, Temisan Omatseye, has warned that Nigeria might compromise her economic security if the shipment of petroleum products into the country is left in the hands of foreign interests. And to check the trend, he suggests that the country has no choice than to safeguard its economic interest by supporting the implementation of the Cabotage Act.
Omatseye said the success of the cabotage regime would address this challenge. The NIMASA director general who disclosed this in Lagos at the just concluded Oil Trading and Logistics, OTL, Africa conference said "it is regrettable that the huge economic benefits flowing from the maritime aspect of the Nigerian oil and gas industry have not been domesticated for the economic advantage of the country."
Presenting a paper on 'Managing Petroleum Products Supply Logistics in Africa', Omatseye lamented that after an impressive era of indigenous shipping spanning over two decades (late 1960s to mid 1980s), Nigeria has since the eve of the 21st century recorded almost negative growth in her tonnage capacity.
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