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Senate Debates Maritime Development Bank Bill From Kola Ologbondiyan in Abuja Senate yesterday began debate on the bill for an Act to establish a Maritime Development Bank in Nigeria, to stimulate the growth and development of indigenous capacity in the maritime sector of the nation. Chairman of the Senate Committee on Environment, Senator Ibiapuye Martyns-Yellow, who sponsored the bill, said the maritime industry had the potentials of rivaling the oil sector in foreign earnings while also generating employment and creating wealth. According to him, the Oil and Gas Free Zone Enactment (1996) has concentrated marine supply and services to offshore oil and gas exploratory activities at Onne in Rivers State and turned the area into the hub of activities for marine investment. "The ever-increasing finds of new oil and gas fields in deep and ultra-deep areas of the exclusive economic zone of Nigeria as well as of neighbouring countries have correspondingly increased the demand on service vessels for deep and ultra-deep oil and gas exploitative activities. "Most importantly, the cabotage enactment (2003) and the recent issuance of cabotage guidelines (2004) is a fillip to the development of indigenous Nigerian capacity in maritime business hitherto embarrassingly dominated by foreign concerns. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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