Maritime Operators Urge Nigeria to Tackle Exchange Rate Instability to Boost Import Sector

As Nigeria celebrates its 64th anniversary today, maritime operators have called on the Federal Government to address the fluctuating exchange rate, which they argue is hindering the growth of the import and export industry. While acknowledging the sector’s progress, stakeholders emphasized that exchange rate instability remains a significant challenge.

Speaking in Lagos on Monday, Sikiru Remilekun, Youth Leader of the Tincan Island Chapter of the Association of Nigerian Licensed Customs Agents, stressed the impact of fiscal policies on the sector’s performance. “The maritime sector, particularly in import and export, has seen some growth in recent years,” Remilekun said, “but fiscal policies, especially those related to the floating dollar rate, continue to be a major obstacle.”

He advocated for pegging the exchange rate for cargo clearance at below N1,000 per dollar, a move he believes would stimulate growth in the sector by more than 200%. “The current policy has slowed down activity in port operations,” he explained. “If the government pegs the dollar rate below N1,000, it would play a significant role in boosting the sector and achieving substantial growth.”

Remilekun also raised concerns about the lack of capacity building and the burdensome bureaucracy surrounding payments, both of which are stifling the sector’s potential. “These challenges need urgent attention if the maritime industry is to fully realise its potential,” he added.

In addition to fiscal concerns, other industry figures are urging the government to take action on environmental and safety issues affecting Nigeria’s waterways. Captain Williams Ogunshakin, South-West Director of the Merchant Seafarers Association of Nigeria, called for the creation of a body akin to the Lagos Waste Management Authority to tackle pollution in the nation’s waters.

“The waterways are being polluted by debris, including rags and discarded items, which are responsible for many accidents,” Ogunshakin said. “The government needs to assist MARPOL [International Convention for the Prevention of Pollution from Ships] by creating a waste management authority to clean up the waterways.”

He added that while maritime security had improved in recent years, largely due to collaboration between industry stakeholders and the military, more needed to be done to prevent accidents. “MARPOL has made strides in reducing accidents, but we need a zero-tolerance approach. The government could assist either through policy or direct intervention.”

Despite the challenges, Ogunshakin acknowledged that progress has been made in the sector, particularly in improving security along Nigeria’s coastline. “In the past six years, maritime security was in a terrible state. Now, thanks to the combined efforts of stakeholders and the military, we are seeing improvements. But we must remain vigilant and continue working towards a safer maritime environment.”

As the country reflects on its 64 years of independence, the message from maritime operators is clear: reforms are needed to stabilise the exchange rate, streamline operations, and ensure a cleaner, safer future for Nigeria’s waterways.