At N90 trillion, based on 2017 estimates, the Avalue of Nigeria’s maritime assets is about 10 times the size of the Federal Government’s 2018 budget of N9.12 trillion (the largest ever annual budget estimates in naira terms). Nigeria’s maritime sector is humongous. It is capable of generating over N7 trillion annually (which is over 75 per cent of the 2018 budget) and creating about 40 million jobs.
With all its challenges, the sector is responsible for about 30 per cent of Nigeria’s gross domestic product (GDP). The vast potentials of the maritime sector have been recognised by different administrations in Nigeria, especially with regard to raising government revenue and enhancing economic growth. What has not been adequately explored is the subject of harnessing Nigeria’s vast maritime assets.
The current administration’s Economic Recovery and Growth Plan (ERGP, set to run from 2017 to 2020) has as one of its objectives the achievement of sustainable economic growth by removing impediments to growth. The Nigerian maritime industry lends itself to this objective as the singular non-oil sector of the economy that strives to provide such stability that can sustain economic growth, given that the oil and gas industry (the mainstay of Nigeria’s economy) is fraught with challenges that cannot be easily controlled by the government. The maritime sector, where the opportunities are well harnessed, can play a pivotal role in the drive by the current administration to transform the country into a vibrant non-oil-dependent economy.
Set out in seven chapters, this book seeks to provide an overview of the Nigerian maritime sector, mapping out its vast maritime assets and identifying the challenges that need to be addressed in order to effectively harness the potentials of the sector, before making recommendations on the way forward. Chapter One reviews the global and regional maritime environments and the local environment in which Nigeria’s maritime sector is situated. The chapter also provides a conceptual analysis of maritime assets from global and regional perspectives……