From Anthony Nwachukwu, Lagos
To unlock Nigeria’s abundant potentials and reap the anticipated trillion-dollar revenue in marine and blue economy, the Federal Government must go beyond rhetoric and take concrete steps, maritime analyst and Chief Executive Officer of Ships and Ports, a sector publication, Dr. Bolaji Akinola, has said.
Akinola, who spoke in an interview on TVC, insisted that the present administration’s hopes of a trillion-dollar revenue from the sector would be an uphill task unless deliberate efforts are made to expand key segments of the sector, including shipping and fishing, for the greater economic benefits of the country.
The frontline media and public relations consultant in the industry noted that Nigeria is blessed with an extensive coastline along the Gulf of Guinea that boosts abundant marine resources, with immense potentials for economic growth and development.
According to Akinola, actualising the anticipated trillion-dollar benefits from the blue economy requires concerted efforts and actionable initiatives.
Therefore, “there is need for an alignment of purpose. For instance, let’s look at the fishing aspect, because these are the low-hanging fruits – the coastal trades, the international trades, even the fish trawling industry.
“We need to ensure that we get more Nigerian fishing trawlers into this business so that we can stem capital flight and retain value locally here”, he stated.
A former president of the Maritime Reporters Association of Nigeria (MARAN), Akinola lamented Nigeria’s negligible participation in inland and coastal shipping and called for measures to address the trade imbalance in the sector and foster economic development.
“Nigeria loses a lot of money from international trade – the movement of crude oil out of the country, importation of petroleum products and many other goods. On the average, I think of about 5,000 vessels (from statistics) coming to Nigeria, not one belongs to Nigerians,” he stated.
“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 per cent.”
Going forward, Bolaji called for huge investment in port infrastructure, streamlining regulatory processes and improving operational efficiencies to enable Nigeria revitalise its inland and coastal shipping sector, reduce trade imbalances and promote inclusive economic growth.
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