NIMENA: Nigeria’s Maritime Sector Could Contribute $44bn Annually

NIMENA: Nigeria’s Maritime Sector Could Contribute $44bn Annually

By Fly Cable News

The Nigerian Institution of Marine Engineers and Naval Architects (NIMENA) has projected that Nigeria’s maritime sector could generate up to $44 billion annually for the country’s GDP if properly managed with suitable policies.

This statement was made during the 13th Annual Conference of NIMENA in Port Harcourt, themed “Advancing National Maritime Regulations for Shared Prosperity.”

NIMENA’s National Chairman, Dr. Daniel Tamunodukobipi, emphasized the need for improved national maritime regulations to unlock the industry’s potential. He highlighted that the sector is critical to global commerce, economic development, and international cooperation, adding that Nigeria’s maritime industry has the potential to significantly contribute to the nation’s blue economy ambitions.

Tamunodukobipi further explained, “Recent statistics show that the maritime industry can contribute over $44 billion annually to Nigeria’s GDP, underscoring its importance to our nation’s economic growth.”

George Okoroma, Chairman of the South-South Steering Committee, represented by Stephen Opara, stressed the role of regulations in ensuring industry safety and accident prevention, while also emphasizing the need to promote local content and build capacity through the Cabotage Act.

Jibril Abba, Executive Director of Maritime Labour and Cabotage Services, discussed how the Cabotage Act is aimed at reducing foreign dominance in the maritime sector and fostering indigenous capacity.

The stakeholders collectively agreed that strong governance and adherence to regulations are essential for realizing the full potential of Nigeria’s maritime industry, benefiting both national and global economic growth.