Despite facing numerous challenges, Nigeria’s maritime industry has the potential for growth and development, according to a recent report by the Sea Empowerment Research Centre.
The report, which reviewed the industry’s performance in 2024, highlighted the strategic impact of the Nigerian Maritime Administration and Safety Agency (NIMASA) and Tantita Security on security, as well as the advocacy efforts of the Maritime Reporters Association of Nigeria (MARAN).
The report noted that the industry is hampered by safety and security concerns, including piracy, sea robbery, and illegal bunkering.
However, it acknowledged the efforts of NIMASA and Tantita Security in tackling these challenges.
In the shipping sector, the report identified opportunities for growth and investment, despite ongoing challenges. It cited the MARAN’s order for shuttle tankers as an example of investors’ interest in the industry.
To realize the industry’s potential, the report recommended that the government address the challenges facing the sector, including the need for stable and predictable foreign exchange rates, improved port efficiency, and enhanced regulatory frameworks.
The report’s findings and recommendations provide valuable insights into the Nigerian maritime industry’s performance in 2024 and its potential for growth and development in the future.
