Maritime Sector Has N7 Trillion Annual Revenue Potential – Agbakoba
Renowned lawyer and former President of the Nigerian Bar Association (NBA), Olisa Agbakoba, SAN, has stated that Nigeria’s maritime sector has an estimated annual revenue potential of N7 trillion, positioning it as a viable alternative to oil.
In a statement issued on Saturday, Agbakoba emphasised that Nigeria must shift its economic focus away from its heavy dependence on oil, highlighting the maritime sector as a key driver of sustainable economic growth.
“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,” he said.
Agbakoba argued that unlike oil, which is a finite resource, shipping remains an essential and continuous global service with vast economic potential. He noted that over 90 percent of global trade relies on maritime transport, and Nigeria must harness its strategic position to boost revenue and job creation.
“The maritime sector holds immense potential for Nigeria’s economy,” he stated. “With a strategic policy framework, legislative reforms, and significant investments, shipping could become a leading revenue source for the country.”
He further stressed that a well-structured maritime industry could become a transformative force for Nigeria, attracting foreign exchange earnings and significantly enhancing trade.
“With an estimated annual revenue potential of N7 trillion, a strategic overhaul of policies, infrastructure, and regulations could position Nigeria as a key player in global maritime trade,” he added.
Agbakoba called for deliberate government action to develop the sector, stating that Nigeria’s economic future should not remain tied to the volatile fluctuations of oil prices. Instead, he urged policymakers to prioritise maritime investments as a means of driving sustainable national growth.
