A former President of the Nigerian Bar Association (NBA), Mr Olisa Agbakoba (SAN), has stated that Nigeria’s economic future should not be dependent solely on the volatility of oil, stressing that the maritime sector has an estimated annual revenue potential of N7 trillion.
He stated that with a robust policy framework, legislative reforms, and significant investments in infrastructure, the shipping and maritime sector could become a major revenue driver for the country.
In a statement released at the weekend, Agbakoba argued that unlike oil, which is a finite resource, shipping is an ongoing and essential service with enormous potential for economic development.
He noted that the maritime sector is crucial to Nigeria’s economy, and the country must harness its potential to drive growth adding that if properly leveraged, it could emerge as a major source of foreign exchange earnings.
Agbakoba described the shipping and maritime sector as an underutilised resource with immense potential that is a viable alternative to oil dependency.
He emphasised that the sector, which facilitates over 90 per cent of global trade, could become a transformative force for Nigeria’s economy, generating millions of jobs and significantly boosting revenues.
With an estimated annual revenue potential of N7 trillion, Agbakoba argued that a strategic overhaul of policies, infrastructure, and regulations could position Nigeria as a key player in global maritime trade.
He said: “For years, Nigeria’s economy has been heavily reliant on crude oil as its primary revenue source, stifling growth and diversification. This dependency underscores the urgent need for the country to broaden its economic base,” he said.
“Nigeria, strategically located along the Atlantic Ocean with several deep-sea ports, has yet to fully tap into its maritime potential. Neighboring countries like Benin, Ghana, and Togo have capitalised on Nigeria’s inefficiencies by diverting international trade.”
The former NBA boss revealed that over two million vehicles are imported into Nigeria annually through these countries, leading to a staggering revenue loss of N20 billion daily—equivalent to N7.8 trillion annually at Apapa Wharf alone.
A major obstacle for Nigeria’s maritime sector, according to Agbakoba, is the lack of modern port infrastructure, outdated ports, terminals, and cargo-handling equipment.
Agbakoba maintained that to remain relevant in the global shipping industry, Nigeria must modernise its maritime infrastructure and create a robust regulatory environment to attract international investment and improve its position in global shipping.
He stressed that to compete with leading maritime hubs like Singapore, Dubai, and Rotterdam, Nigeria must make substantial investments in port infrastructure, technology, and security.
“The focus should be on expanding and modernising ports with multi-modal connectivity to ensure efficient cargo transportation. Additionally, a structured investment strategy in shipbuilding, dredging, and marine logistics is essential to boost revenue and reduce reliance on foreign vessels,” he said.
Despite its clear potential, Agbakoba noted that shipping and maritime development are not adequately prioritised in Nigeria’s national economic planning.
Agbakoba pointed out that government policies often overlook the sector.
He urged the Nigerian government to prioritise maritime development as a national economic strategy.
While stating that the creation of the Ministry of Marine and Blue Economy is a step in the right direction, Agbakoba said more action is needed to elevate the maritime economy to a key policy focus.
“The maritime sector holds immense potential for Nigeria’s economy. With a strategic policy framework, legislative reforms, and significant investments, shipping could become a leading revenue source for the country,”
“Unlike oil, a limited resource, shipping is a continuously relevant service that is vital for economic growth. Nigeria’s future needs not be tied to the unpredictable fluctuations of oil prices. The maritime sector offers a promising alternative capable of driving sustainable economic growth and creating jobs,” Agbakoba added.
