NIMASA Unveils Initiative to Unlock ₦5tn Maritime Economy

By GLEBM News Desk

Nigeria’s maritime sector is being positioned for a larger role in the national economy as the Nigerian Maritime Administration and Safety Agency moves to unlock an estimated ₦5 trillion in economic opportunities within the sector.

The initiative is expected to focus on improving maritime operations, strengthening local participation and increasing the contribution of shipping-related activities to economic growth.

Nigeria’s geographical position, extensive coastline and large consumer market give the country significant potential to develop shipping, marine services, logistics and related industries.

A stronger maritime economy could also reduce the country’s dependence on foreign operators and create opportunities for Nigerian businesses across vessel services, freight, ship management, marine insurance, port operations and other supporting industries.

The sector’s development, however, depends heavily on efficient ports, predictable regulation, maritime security and competitive logistics costs.

Improving the efficiency of the maritime system could also reduce the cost of moving goods into and out of Nigeria, with potential benefits for manufacturers, exporters, importers and consumers.

The latest initiative therefore comes at a time when Nigeria is seeking to strengthen non-oil sectors and capture greater economic value from its position as a major West African trading hub.