The Foreign Figure Factor Poses Threat to Nigeria’s Economy

The Foreign Figure Factor Poses Threat to Nigeria’s Economy

By Oko Ebuka

Nigeria is currently experiencing an economic dwindle which practically affects the nation’s seaports especially on the issues of exportation and handling of cargo businesses in ports like Apapa and Tin-Can Island respectively.

From my investigative research, there are strong indications that the country is clearly losing out on the economic activities going on the ports as over 99% of Lebanese and Indians are currently in charge of all the strategic dealings concerning export and importation.

Sequel to this, the degeneration of human capital development is on the high side as fewer Nigerians now have access to operate in the port which is rightly situated in one of the country’s economic hub.

Unemployment rate can be reduced drastically if the government can conscientiously introduce the “Indigenization Act”, as proposed earlier by Dr. Farinto Kayode (a Maritime guru), and legally back it up to give the citizens a well-deserved national respect economically.

Furthermore, there should also be a critical review on the issuance of import and export licenses to these foreign bodies which ought to give edge to Nigerians for them to emphatically have access to the ports without restrictions.

Maritime sector is one of the major key players in the economic growth which should be properly harnessed in a way to raise the economic base and alleviate poverty in the country especially by carrying citizens along.

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