Why Nigerias $7bn shipping potential remains untapped

Steve Agbota

The maritime industry in Nigeria is very green and vast. With its long coastline, unique location, large oil and gas deposit, large and growing population, among others, Nigeria is well-positioned to transform its ports into attractive destinations for both regional and globaltrade.

The maritime sector provides vast window of business opportunities in several related activities that offer commensurate returns on investments to the potential investors.

The range of available business opportunities include; Port and Terminal operations, shipping, stevedoring, ship brokerage services, marine insurance, ship chandling. Others are warehouse, logistics, maritime law, and consultancy, among others.

Despite these numerous business opportunities in the Nigerias maritime space, investors have not really taken the opportunities that abound in the sector, especially in the shipping sub-sector.

However, the shipping sector also remains the most effective way to move complex goods and raw materials around the world. This also makes it one of the highest employers of labour and revenue earner.

The Federal Government is also looking at other sectors outside the oil and gas industry in a bid to ensure its drive to diversify the economy is achieved. And one sector that the government is looking to unlock its potential is the shipping industry which in deed offers huge potential that if effectively harnessed can earn massive revenue for the Federal Government.

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