FG must be purposeful in harnessing marine, blue economy

BY GODWIN OBI

A maritime expert and CEO of Ships & Ports, Dr. Bolaji Akinola has charged the Federal Government to be intentional and purposeful in its quest to harness the nation’s marine and blue economy.

Speaking on TVC News on Monday, the maritime expert said Nigeria loses a lot of money from its non-participation in the affreightment of its imports and exports.

Akinola said that even though the country has an extensive coastline that hosts abundant marine resources with immense potential for economic growth and development, it may not be able to harness these potentials if deliberate steps and actionable initiatives are not put in place.

He criticised the negligible participation of Nigeria in coastal and inland shipping and called for significant efforts to rectify the country’s trade imbalances and foster economic development.

“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 with our country, we are going to ensure that within the lifespan of this administration; Nigerians are able to do 10 percent, that will be something,” he said.

He also said that there is need to get more Nigerian fishing trawlers into the business to stem capital flight and retain value locally.

He advocates measures like fresh investment in port infrastructure, streamlining of regulatory processes and improving operational efficiencies to invigorate Nigeria’s inland and coastal shipping sector, reduce trade imbalances and promote inclusiveness