Declining oil earnings should shift focus on maritime —Sifax Group

Dr Taiwo Afolabi, the Group Executive Vice Chairman, SIFAX Group, has urged the Federal Government to make a good use of the current economic challenges that have seen a sharp decline in crude oil earnings and naira exchange rate by paying more attention to the development of the country’s maritime sector.

Speaking at the maiden edition of the Taiwo Afolabi Annual Maritime Conference held at the University of Lagos with the theme: “Africa’s Maritime Capital: Nigeria and Her Potentials”, Afolabi said the maritime industry possessed the potentials to rescue the country from the current economic troubles by becoming the primary source of revenue for the government.

He said: “The current economic situation has compelled the need for an inclusive search for an alternative route to national revival and rebirth, forcing upon us a movement away from decades of fixation on the traditional black gold to the maritime–the emerging glittering “blue gold’. Diligent and sustained exploitation of the vast maritime resource endowments of this sector may prove to be that very” low-hanging fruit” that Nigeria needs at a time such as we are in today.”

To turn the potentials in the industry to tangible economic benefits, Afolabi advised the government to provide the conducive environment, propound the right legislation and provide massive infrastructural renewal, among others.

The Taiwo Afolabi Annual Maritime Conference is an initiative of the Maritime Forum in the Law Faculty of University of Lagos. It is designed to be an avenue to stimulate intellectual discussions between maritime experts and the university community, especially students with interest in the maritime industry, on contemporary issues in the industry, both locally and internationally.

Over 1000 students drawn from various departments of the university and other higher institutions across the country attended the event that was also graced by seasoned maritime experts like Engineer Greg Ogbeifun, CEO, Stratz Group, Mrs. Margaret Orakwusi, Major Henry Ajetunmobi, Executive Director, SIFAX Group, among others.