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The former President of the Nigerian Bar Association, NBA, Mr Olisa Agbakoba, SAN, has stated that the maritime sector has an estimated annual revenue potential of N7 trillion and can be a viable alternative to oil.
According to Agbakoba, in a statement on Saturday, Nigeria’s economic future should not be dependent solely on the volatility of oil, stressing that the maritime sector has an estimated annual revenue potential of N7 trillion.
“With a robust policy framework, legislative reforms, and significant investments in infrastructure, the shipping and maritime sector could become a major revenue driver for the country,” he added.
Agbakoba argued that unlike oil, which is a finite resource, shipping is an ongoing and essential service with enormous potential for economic development.
He noted that the maritime sector is crucial to Nigeria’s economy, and the country must harness its potential to drive growth, adding that if properly leveraged, it could emerge as a major source of foreign exchange earnings.
He emphasized that the sector, which facilitates over 90 percent of global trade, can become a transformative force for Nigeria’s economy, generating millions of jobs and significantly boosting revenues.
“With an estimated annual revenue potential of N7 trillion, a strategic overhaul of policies, infrastructure, and regulations could position Nigeria as a key player in global maritime trade,” Agbakoba stated.
“The maritime sector holds immense potential for Nigeria’s economy. With a strategic policy framework, legislative reforms, and significant investments, shipping could become a leading revenue source for the country.
“Unlike oil, a limited resource, shipping is a continuously relevant service that is vital for economic growth. Nigeria’s future need not be tied to the unpredictable fluctuations of oil prices.
“The maritime sector offers a promising alternative capable of driving sustainable economic growth and creating jobs,” Agbakoba added.
English (US) ·