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The Sea Empowerment Research Centre has said that with the right investments, policies and regulations, the maritime industry can play a crucial role in driving the country’s economy and connecting it to global market.
The Center added that it is essential to address the myriads of challenges plaguing the industry and implement reforms that will enhance the efficiency and competitiveness of Nigerian ports to improve the industry’s global ranking.
The Center stated this in its New Year bulletin titled, ‘Critical Review of the Nigeria Maritime Industry (Performances and Issues) in 2024.’ The bulletin was signed by Head of Research, Sea Empowerment Research Center, Forwarder Eugene Nweke.
The findings also affirmed that the government must work towards creating a more favorable business environment with a stable and predictable foreign exchange rate to attract investments and stimulate growth in the maritime sector.
Reviewing how the maritime industry fared in 2024, the Center undertook a general overview of the industry: the global ranking of the nation’s port, the critical sectors and the impact of the foreign exchange rate policy especially, in the international trade arena, the port sub industry, and as a way forward, proffered solutions and suggestions for 2025.
The center’s review of the industry on the one hand showed significant growth and potential, with Nigeria being a major oil-producing and exporting country.
Additionally, it showed that despite the industry’s potentials, it faces several challenges that hinder its growth and development.
According to the review: “Presently, the Nigeria maritime industry is ranked 48th in terms of merchant shipping fleet, with the country’s shipping sector contributing an insignificant 1.6 million tonnage to the world’s merchant shipping fleet in 2019.
“As for the global port ranking, Nigeria’s ports are ranked 183rd out of 185 countries in terms of efficiency, according to the World Bank’s Trading across border indicator.
“This ranking is due to various challenges such as delay of import/export processes, unofficial charges, human interface, technical breakdown, and security concerns that are prevalent in Nigerian ports.
