FG anticipates $1tn in maritime revenue by 2027

By 2027, the Nigerian maritime sector is expected to be crucial to the country’s $1 trillion economic growth, according to the Federal Government.

On Thursday, during a courtesy visit to the Tincan Island Container Terminal Limited in Lagos, Pius Akuta, the Executive Secretary of the Nigerian Shippers Council, revealed this.

According to President Bola Tinubu, efforts are underway to propel Nigeria’s economy into the $1 trillion range in three years, or precisely 2027.

Nevertheless, Akuta stated in a speech given during the tour, “Mr. President and his new hope agenda for this country is looking at moving from $500 billion to $1 trillion by the end of four years.”

“And one of the key ministries that would propel this economy to that level is the ministry of marine and blue economies.”

The head of the NSC went on to say that in order to rebuild the industry, the government is considering working with business.

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“His Excellency Oyetola, the Minister of Marine and Blue Economy, is already working on creating a comprehensive plan, a new policy document that would address all of the deficiencies in the port’s infrastructure, the deterioration of the infrastructure, and the automation of its systems so that, in the end, fixing one problem will not be enough when the others continue to exist. To find out what can be done, we must examine the system as a whole, Akuta continued.

The rehabilitation and modernization of Lagos Ports are essential to fulfilling the requirements that would attract shipping lines and make the nation competitive in West and Central Africa, according to Mr. Etienne Rocher, Managing Director/Chief Executive Officer of Tincan Island Container Terminal Limited.