Bismarck Rewane, the Managing Director/CEO of Financial Derivatives Company Limited, has advocated for the implementation of tax holidays by the Federal Government to bolster investment in Nigeria’s marine sector. He made this recommendation yesterday during the second Maritime Breakfast meeting organized by the Nigerian Maritime Law Association (NMLA), focusing on the theme: “The Interplay of the Maritime Industry and the Macro Economy in Nigeria – The Way Forward.”
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Rewane highlighted the potential benefits of increased trade within Africa, stressing that the removal of non-tariff trade barriers and import levies could facilitate trade flows and promote international trade. He emphasized the importance of initiatives like the African Continental Free Trade Zone (AFCFTA) in fostering cross-border movement of commodities, which would, in turn, attract investments in the logistics and transportation industry.
The economist underscored the significance of strong institutions, good leadership, and sound policies in achieving positive economic outcomes. He emphasized the need for public-private collaboration to enhance infrastructure in port facilities, connectivity, and logistics, citing challenges such as corruption, smuggling, and manual processes as factors contributing to cargo diversion to neighboring countries like Benin Republic and Togo.
President of the Nigerian Maritime Law Association (NMLA), Funke Agbor, echoed the sentiment that expansion in the marine industry would lead to comprehensive national economic development. She highlighted challenges related to foreign exchange and emphasized the importance of having the right leadership, policies, and institutions in place to address them effectively.
Agbor emphasized the role of the maritime industry in revenue generation for the government and the need for effective tax collection to fund essential social amenities like infrastructure, water, and electricity. She expressed optimism that the government would recognize the vital contribution of the maritime sector to the country’s economic advancement and take appropriate steps to support its growth.
