Nigeria can make twice as much from shipping than what it is currently making from oil, says Olisa Agbakoba, former president of the Nigerian Bar Association (NBA). He said that the country could generate over seven trillion naira per annum from the maritime industry.
His law firm Olisa Agbakoba Legal (OAL) has estimated the untapped revenue in the maritime sector at N7trillon if focus on revenue generation from maritime sector as alternative to oil. Dr Olisa Agbakoba stressed the need to overhaul the outdated government’s policy, institutional, regulatory and legal framework.
“There is massive untapped revenue in our maritime sector estimated at seven trillion naira per annum,” he said. “But in order to tap revenue from this sector, there will be need for an overall policy, institutional, regulatory and legal framework.”
Agbakoba pointed out that the last major review of Nigerian Shipping Policy was 28 years ago when the NSP act no 10 of 1987 was enacted. He advised that government should create enabling environment in the industry to encourage investors.
He added that the Nigerian ports which supposed to be the hub of shipping for West and Central Africa
had become uncompetitive.
Agbakoba said that the Policy Dialogue will bring together all stakeholders to highlight the constraints in the shipping sector, which are at present preventing Nigeria from becoming the maritime hub of Africa
and International Maritime Center.