There are concerns that Nigeria has handed over its destiny in the shipping industry to foreigners, with over 98 per cent of the country’s cargoes shipped by foreign firms, just as the nation relies on foreign laws for dispute resolution. Stakeholders in the industry, who converged on the Taiwo Afolabi Annual Maritime Conference (TAAM 5.0) held in Lagos, believed that the nation is far below standards that would catapult it into a leading maritime nation. The guest speaker at the event, a Maritime lawyer, Temisan Omatseye, said that it is a pity that Nigeria has handed over its destiny in the shipping industry to foreigners, demanding urgent concerted efforts to develop local capacities. He said that the high cost of shipping has made Nigeria to also lose cargoes to other nations. “We do not have opportunity to compete because we do not have the required ships,†he said. Omatseye stressed that the nation needs a national shipping line and ensure that more Nigerian ship owners who meet the criteria to be registered as carrier should be registered to lift cargoes. He also called for the disbursement of cabotage vessel financing funds, which has been lying idle since 2003 as well as implementable regulations that meet local and international best practices. According to him, the incoming government should encourage the setting up of ship repair and building infrastructure, declaring such places as free trade zones, while at the same time, creating incentives for original equipment manufacturers to set up shops within the free trade zones. He also stressed the need to make policies for manpower development in the shipping industries, certification for ship building welders as well as support the training of marine architects and nautical engineers for designing of local vessels. He said this would save the country billion of dollars spent on training Nigerians abroad yearly. President Women International Shipping and Trade Association (WISTA), Eunice Ezeoke, said that Nigeria should focus on building ships locally through developing local capacity. On her part, the Secretary-General African Ship Owners Association, Funmi Folorunsho said: “We must set an agenda for the incoming government and set a task master to monitor its achievement. “Nigeria does not have a fleet development agenda. National shipping line is not what we require now, but Nigeria shipping line,†she said. Maritime lawyer, Lead Partner, Emeka Akabogu & Associates, Emeka Akabogu, said that the cabotage law is a failure because what is due to Nigeria has not been derived. Foreigners have continued to dominate the industry. The CVFF has not been disbursed after 20 years, that is disgraceful,†Another Maritime Lawyer, Bodunrin Adewole said: “We have even lost the dispute settlement to foreigners because we have to go to the arbitration capital of the world in Paris, New York among others, and there is none in Nigeria. He is hopeful that one will be established in Nigeria soon.†Prof Adewale Olawoyin of the University of Lagos said that developing the maritime industry is critical to the development of the country’s economy. He applauded Sifax Group for encouraging young Nigerians and equipping them with the requisite maritime knowledge.