The Director-General, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, has said that most of the problems with the African Continental Free Trade Area are coming from the maritime sector.
In a chat with Financial Street in Lagos on Thursday, Yusuf expressed worry over the lack of cooperation among maritime government agencies and decay in infrastructure.
He described the sector as the worst when it comes to economic sustainability and the AfCFTA agreement.
According to him, some of the agencies operate as monopoly, and the sector lacks credible dispute resolution mechanisms to tackle issues in the industry.
The LCCI boss lamented that the sector would continue to suffer setbacks until the maritime parastatals and agencies work harmoniously.
His words, “One of our biggest problem as investors is coming from the maritime sector.”
Some sectors will benefit from AfCFTA while others will suffer, and companies with huge capacity will take advantage of the AfCFTA market.
Lamenting that the sector lacks industry regulatory framework and might militate against international trade, the DG said 90 per cent of cargoes move by sea; hence the industry must be topnotch. He stressed that such was not attainable in Nigeria.
“There is a whole lot to do, especially in maritime, to make the AfCFTA work out for good,” he said.
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