Nigerian Maritime Industry to Grow by 2.5 – 5% in Two Years: NIMASA

(Image Courtesy: Nigerian Ports Authority)

The maritime industry is projected to grow by 2.5 – 5 per cent between 2018 and 2019, a forecast has said. The Nigerian maritime industry forecast for 2018/2019 was unveiled on Tuesday in Lagos by Nigerian Maritime Administration and Safety Agency (NIMASA) Director-General Dr. Dakuku Peterside, The Nation reported.

Total fleet size is to grow by 4.08% in 2018 and 4.41% in 2019. Oil tanker fleet size will decrease by 2.23% in 2018 and increase by 1.7% in 2019. The non-oil tanker fleet size is projected to increase by 8.15 % in 2018 and 8.72% in 2019. Oil rig count is projected to increase by 27.67% in 2018 and 0% in 2019.

The forecast, the first of its kind in the sector, is intended to serve as a compass for local and international stakeholders willing to do business in the Nigeria maritime domain. Peterside said the country’s economic success was dependent on the maritime sector.

“A number of factors have contributed to the gradual growth that we have recorded, such as the receding crime in the Niger Delta region; the deep blue scale up of our maritime security architecture is addressing the immediate challenges in this area and is aimed at suppressing the emerging threats on our waters.

“Government’s commitment through initiatives, such as the Presidential Order on Ease of Doing Business, continues to yield positive results in our Ports. The on-going infrastructural reforms in the transport sector are all indicators that we are walking in the right direction.

“As a regulator, we are driven by Values and Commitment, as these are the only ways that Investors can be attracted to harness the great potentials in our Maritime Sector. We will continue to work out incentives and maritime sector specific interventions to attract investment,” Peterside said.

Minister of Transportation Rotimi Amaechi said the maritime domain remained the dominant medium for global shipping and commerce. To him, it holds the key to unlocking the streams of opportunities in renewable energy, fisheries, maritime transport, waste management, tourism and biodiversity.

Amaechi said: “However, international and global economy influence the maritime sector, especially as it relates to defining the trade pattern, standards and international best practices.

“The Nigerian government as regulator of the maritime sector is committed to partnering with industry stakeholders to ensure economic growth and competitiveness of Nigeria’s Maritime Domain. All over the world, Public Private Partnership drives government initiatives in addressing the infrastructural needs of a nation.

“Consequently, the presentation of Nigeria’s Maritime Industry forecast by NIMASA is a novelty geared at bringing to the front burner critical maritime industry issues and best global practices to guide investors and stakeholders in harnessing the potentials of the blue economy in the next two years (2018 and 2019) and beyond with focus on emerging opportunities and challenges in the maritime industry.

“There is no doubt that the Maritime Sector is highly susceptible to technological dynamics and changes which require huge funding and investment for achieving effectiveness and efficiency.”

The Secretary General of the Abuja Memorandum of Understanding (MoU) and former DG of NIMASA, Mrs. Mfon Usoro, praised the forecast as a great interaction with industry players to develop the sector.

A Faculty at the Lagos Business School, Dr. Doyin Salami, said forecasts were essential tools for growing an industry. He added that the gaps in the sector must be filled by policy makers to realise its potential. He urged all investors, local and international, to take the forecast serious as a way of enhancing the growth of their businesses.

(Source: The Nation)

Sea News, February 28