Regulatory bottlenecks, infrastructure hindering maritime growth – NESG

The Nigerian Economic Summit Group (NESG) has identified Regulatory bottlenecks as well as inadequate infrastructure as one of the major challenges facing the country’s Maritime sector, adding that the sector will not record need growth if these challenges are not adequately addressed.

Thime Group stated this at a webinar tagged ‘Pre-29th Nigerian Economic Summit (NES29) webinar’ with the theme ‘Sailing to Success: Harnessing Nigeria’s Maritime Potential’ organised by the NESG, which was attended by both public and private sector players in the maritime industry.

The Group that Nigeria’s maritime sector has the potential to drive economic growth and transformation, but it faces several challenges.

In a welcome remark, a board member of the NESG, Nnanna Ude, said that maritime activities are critical in facilitating global trade and economic growth.

Ude further stated that Nigeria, as the most populous country in Africa and a key player in the region, holds a unique position in West Africa’s maritime landscape, noting that the country boasts a coastline of approximately 853 kilometres along the Gulf of Guinea, which provides ample opportunities for maritime trade and economic development.

“Despite its vast coastline, Nigeria’s maritime industry needs to be more utilized and faces issues such as piracy, illegal fishing, inadequate infrastructure, and regulatory bottlenecks. These challenges have hindered the full realization of the sector’s potential.”

He also maintained that a thriving maritime sector can contribute massively to long-awaited and desired economic diversification and inclusion.

“One of the industry’s critical challenges is a lack of comprehensive data that hinders policymakers from fully understanding the sector and its contribution to Nigeria’s Gross Domestic Product, GDP, which can also attract investors and operators,” he explained.

Meanwhile, he acknowledged the creation of the Ministry of Marine and Blue Economy, describing the establishment of the Ministry as a pivotal shift from the past and saying that it depicts the Tinubu-led administration’s intention to have a more coordinated approach that can potentially make the sector a catalyst for Nigeria’s economic transformation and development.

The Senate Committee Chairman on Marine Transport, Senator Wasiu Eshilokun Sanni, said in a keynote address that the committee is focused on identifying the areas of the maritime sector that can help Nigeria achieve its goals of economic diversification, noting that the committee will also employ modalities by embarking on actions that will attract private investment to inland waterways, even as he urged all stakeholders to collaborate to ensure the growth and development of the sector.

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