Emeka Akabogu, a maritime lawyer, has stated that the Nigerian maritime sector has the potential to generate N7 trillion per year, with the industry currently losing over $1 trillion to foreign players in the local shipping sector due to the non-disbursement of the Cabotage Vessel Financing Fund (CVFF).
During his presentation at the inaugural interactive session with maritime stakeholders in Lagos, Akabogu highlighted that one of NIMASA's main responsibilities is to create and execute policies and initiatives to enhance local shipping capabilities.
Akabogu also stated that the maritime sector is potentially the largest economic sector outside of oil and gas, with the capacity to make a substantial contribution to the nation's Gross Domestic Product.
He shared that Nigeria's untapped blue economy potential is worth $296 billion and could potentially create 2 million jobs within 5 years.
He observed that in the last five years or so, the blue economy has become increasingly popular in Nigeria, contributing to President Bola Tinubu's decision to create the Ministry of Marine and Blue Economy. To move forward, it is necessary to go beyond the excitement of the emerging semantics and focus on analyzing the substance and planning an effective path for Maritime Nigeria.
The blue economy includes all aspects of the traditional maritime economy, as well as the total value that can be derived from all water bodies.
