By Abbas Nazil
A former President of the Nigerian Bar Association (NBA), Olisa Agbakoba (SAN), has urged Nigeria to develop the maritime sector to enable it tap its N7 trillion annual revenue potential.
Agbakoba said in a statement last weekend in Lagos that the country’s overreliance on crude oil has stifled economic diversification, arguing that the maritime industry could serve as a major revenue driver if properly harnessed.
Agbakoba pointed out the industry’s vast opportunities, noting that shipping, unlike oil, is a continuous service crucial to global trade and economic stability.
He called for a comprehensive overhaul of Nigeria’s maritime policies, infrastructure, and regulations to position the country as a key player in international shipping.
With over 90 percent of global trade conducted through maritime transport, he stressed that Nigeria must modernize its ports and logistics systems to remain competitive.
He pointed out that despite Nigeria’s strategic location along the Atlantic Ocean and the presence of deep-sea ports, the country has failed to capitalize on its maritime advantages.
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Agbakoba expr ssed dismay that neighboring countries such as Benin, Ghana, and Togo have leveraged Nigeria’s inefficiencies to divert international trade, resulting in significant economic losses.
He revealed that over two million vehicles are imported into Nigeria annually through these countries, leading to an estimated revenue loss of N20 billion per day—amounting to N7.8 trillion annually at Apapa Wharf alone.
Agbakoba attributed these losses to outdated port infrastructure, insufficient cargo-handling equipment, and regulatory bottlenecks.
He maintained that without significant investment in modernizing port facilities and improving the regulatory framework, Nigeria would continue to lag behind other maritime hubs such as Singapore, Dubai, and Rotterdam.
The legal luminary called for an expansion of Nigeria’s port network with multi-modal connectivity to ensure efficient cargo transportation.
He also advocated for structured investment in shipbuilding, dredging, and marine logistics, which could reduce Nigeria’s reliance on foreign vessels while creating millions of jobs.
While acknowledging the recent creation of the Ministry of Marine and Blue Economy as a positive step, Agbakoba noted that more needs to be done to make the maritime sector a central focus of Nigeria’s economic strategy.
He urged the government to enact legislative reforms, improve security in port operations, and implement policies that attract international investors.
