NIMASA DG in Germany: Says Africa ready for investments …Urges Europe to embrace China Model in Africa

NIMASA DG in Germany: Says Africa ready for investments

.Urges Europe to embrace China Model in Africa

. Nigeria is open for opportunities- Says Ambassador Tuggar

ByUdemeClement

The Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dakuku Peterside has charged foreign investors to tap into the opportunities  abound in African maritime sector, stating that the continent is one of the largest in terms of cargo contributions to global maritime trade.

Dakuku who spoke at the Nigerian Business Summit, at the sidelines of the recently concluded Shipbuilding, Machinery Technology (SMM) Conference, held in Hamburg Germany, said that Africa generates and receives a lot of cargo and this makes it a market hub of the present and future.

He noted that the Nigerian maritime sector is specifically open to investments, adding that the Federal Government of Nigeria under the leadership of President Muhammadu Buhari, has put policies in place that would be beneficial to interested investors.

“It is known worldwide that Africa is the world’s biggest untapped market waiting to be unveiled and if you want to tap into the market of today and the market of the future then Nigeria is your destination, Nigeria is welcoming you, Nigeria is the investment destination of today and the future”. He said.

Dr. Dakuku however stated that investments from outside the continent must be mutually beneficial to both parties, noting that Africa would not be shortchanged. He advised foreigners willing to participate in the biggest maritime industry to propose symbiotic terms that would ensure sincere trade amongst participants. He added that the continent is leaning towards China because they offer better understanding of the African market. He added that Europeans must also come to the party with genuine interest and opportunities of financing for the sector, which the industry is in dire need of.

“China appears to be offering Africa favorable terms of engagement in terms of cost of financing project, in terms of the duration for the payment of facilities and in terms of ease of transfer of technology, Europe may offer better technology, Europe may even offer better managerial capability, but what of the issue of financing, it is up to Europe to realise that the market of the future is in Africa and offer mutually beneficial terms not terms that benefit Europe only to the detriment of Africa. So if you offer us favorable terms of engagement then Africa is open for business, Nigeria is open for business”, he emphasized.
Also speaking at the event, the Nigerian Ambassador to Germany Hon. Yusuf Maitama Tuggar said that the SMM Hamburg offer a platform for maritime investors across the globe to cross fertilise ideas. He noted that Nigeria particularly is ready for investment, adding that the President remains resolute and determined in providing enabling environment, repositioning of the maritime industry to optimally compete with its counterparts around the world especially with the introduction of policies and programs that have remarkable impacts on the sector, thereby making it more attractive for foreign investments.

The SMM, Hamburg is a maritime trade fair organised biannually in Germany to discuss germane issues of maritime by key players in the industry worldwide. This year’s summit brought to the fore the impact of emissions from Ships, requesting every maritime nation to seek avenues of emission reduction.