Onyema: Partnerships Will Develop Shipping Sector Rapidly

15 Mar 2013

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 Oscar Onyema, DG, NSE

John Iwori

The Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has stressed the need for partnership among all stakeholders to ensure the development of the shipping sector of the economy.

He also advocated the promotion of local investments through the stock exchange arena to achieve the desired objectives in the sector.
Onyema stated this in Lagos when the management team of NSE hosted members of the Nigeria Maritime Exposition (NIMAREX) 2013 Planning Committee on a historic visit to the stock house.

The NSE boss, who was represented at the event by an Executive Director in NSE, Mr. Adeolu Bajomo, said there was need for the two organisations to collaborate in ensuring that Nigerian companies, including those of the vital maritime sector, were promoted to the world, taking advantage of the country’s natural resources.

Chairman of NIMAREX, Mrs. Margaret Onyema-Orakwusi, had earlier in her remarks said the visit to NSE had become necessary considering its vital roles in the economy.
She explained that the main objective of the maritime exposition was to showcase what she described as the “enormous potentials of the Nigerian maritime industry to the outside world”.
According to her, it was disheartening that in spite of the vast opportunities provided by the maritime sector to the country, Nigerians were still holding the short end of the stick in terms of benefits.

Calling on the NSE to join in the crusade to change the tide, Orakwusi lamented that it was unacceptable for the nation’s crude to continue to be lifted on freight on board (FOB) basis; a system that allows the foreign buyers to “dictate the carriage, insurance, terms and others in this 21st century.”

She pointed out that government’s desire to create jobs for the teeming youth graduates as well as the hitherto restive militants, who are currently being rehabilitated, may not be realisable if the trend is allowed to persist. “That is why we seek the collaboration of institutions such as the NSE in changing the trend”, she said.
She said the stock exchange could provide much needed fund for the huge capital requirements of investment in the shipping sector. The highpoint of the occasion was the ringing of the bell on the trading floor by Orakwusi.

Tags: Business, Featured, Nigeria, Partnerships, Shipping

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