By Steve Agbota
The Federal Government has been urged to take measures to unlock the abundant economic potential in the country’s marine and blue economy for it to realise the billion dollars revenues anticipated from the sector.
A maritime analyst and Chief Executive Officer of Ships and Ports, Dr. Bolaji Akinola, affirmed that the desire of the President Bola Tinubu’s administration to achieve the expected trillion dollar revenue from the maritime sector will pose a significant challenge for the government unless deliberate efforts are made to expand key segments of the sector for the greater economic benefits of the country.
Speaking on a television programme, he said that Nigeria is blessed with an extensive coastline along the coast of Guinea that hosts abundant marine resources with immense potential for economic growth and development.
He said that actualising the trillion dollar benefits anticipated from the blue economy will require that concerted efforts and actionable initiatives are taken.
“There is need for an alignment of purpose. Let’s look at the fishing aspect because these are the low hanging fruits, that is, the coastal trades, the international trades, even the fish trawling industry. We also need to look at that and say look, how do we now ensure that we get more Nigerian fishing trawlers into this business so that we can stem capital flight and retain value locally here,” he said.
However, he bemoaned the negligible participation of Nigeria in coastal and inland shipping and called for a significant impact on efforts to rectify the trade imbalances and foster economic development.
Citing the huge amount of revenue the country lost in trades, he said Nigeria loses a lot of money from international trade, the movement of crude oil out of the country.
“From statistics, on the average, I think about 5000 vessels of imported petroleum products and many other goods come into Nigeria and none of these vessels belong to a Nigerian.
“So imagine if we have a strategic plan to say look, of these 5000 vessels that are trading in our country, we are going to ensure that within the lifespan of this administration, we will ensure that Nigerians are able to do 10 percent, that will be something” he added.
On how the federal government and the Ministry of Marine and Blue Economy can address the lingering challenges, Bolaji calls for huge investment in port infrastructure, streamlining of regulatory processes and improving operational efficiencies.
He said such measures will enable Nigeria to revitalise its inland and coastal shipping sector, reduce trade imbalances and promote inclusive economic growth.