Nigeria loses billions as foreign vessels dominate waters, expert urges 10℅ local ownership

Nigeria is losing billions of dollars annually due to the total absence of Nigerian- owned vessel in international trade, maritime analyst and Chief Executive Officer, Ships & Ports, Dr. Bolaji Akinola has said.

Akinola said among the 5,000 vessels traversing the country’s waters annually, not a single Nigerian-owned vessel is involved in the lifting of its crude oil and importation of refined petroleum products into the country.

Akinola, who expressed this concern on a TVC program lamented the negligible presence of Nigerian ships in inland and coastal shipping, demanding immediate action from the government.

He said “Nigeria losses a lot of money from international trade, the movement of crude oil out of the country, the importation of petroleum product into this country and the importation of many other goods into this country, on the average I think about 5,000 vessels from statistic coming to Nigeria, none of these vessels, not one belong to a Nigerian.”

He proposed a strategic plan to ensure Nigerians own at least 10% of these vessels within the current administration’s term.

“So imagine if we have a strategic plan to say look, of these 5,000 vessels that are trading in our country, we are going to ensure that within the lifespan of this administration, we will ensure that Nigerians are able to do ten percent,”he said.

This target, he believes, is crucial to address trade imbalances and foster economic development.

According to him, there is need for huge investment in port infrastructure, streamlining of regulatory processes and improving operational efficiencies.

He said such measures will enable Nigeria to revitalize its inland and coastal shipping sector, reduce trade imbalances and promote inclusive economic growth.

Akinola also stressed the need for “alignment of purpose” to tap into low-hanging fruits like fish trawling industry.

He said “Take for instance, let’s look at the fishing aspect, because these are the low hanging fruits, the coastal trades, the international trades, even the fish trawling industry. We also need to look at that and say look, how do we now ensure that we get more Nigerian fishing trawlers into this business so that we can stem capital flight and retain value locally here.”

He highlighted Nigeria’s vast coastline and abundant marine resources as key assets with immense potentials for its economic growth and development.

He affirmed that the desire of the President Bola Ahmed Tinubu’s administration to achieve the expected trillion dollar revenue from the maritime sector will post a significant challenge for the government unless deliberate efforts are made to expand key segment of the sector for the greater economic benefits of the country and its citizens.