Nigerian banks must forgo short-term profits and support long-term maritime projects, according to the head of the Nigerian Maritime Administration and Safety Agency (NIMASA).

Speaking to Nigeria's Tribune, Temisan Omatseye said that financial institutions are partly to blame for the underdevelopment of the Nigerian oil and gas industry, and added that this leaves fewer oil and gas training opportunities available for young Nigerians.

He explained that due to the size of the country's oil and gas industry, there is a huge potential to develop domestic maritime capacity and reduce reliance on foreign-owned tankers and support vessels.

However, if such progress is to be made, financial institutions will need to take a long-term view on funding projects and recognise the value that sustained investment will have on the industry.

The Nigerian government earlier this year passed the new Local Content Act to increase domestic participation in the oil and gas industry.

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