Agbakoba says FG can generate N8tr yearly from marine, blue economy
A senior Advocate of Nigeria, Olisa Agbakoba, yesterday said the Federal Government can generate N8 trillion yearly from marine and blue economy.
He said if Nigeria taps many aspects of the sector, it will get enough money for the economy.
Agbakoba, who fielded questions from The Nation, said the maritime sector is the largest economic booster outside oil and gas.
He said: “All development plans of the FGN in the past ignored the maritime sector which is the largest outside oil and gas, and this was very detrimental to the public revenue.
“With a ministry on marine and blue economy, it is hoped that policy will be developed to tap into this enormous economy that was ignored for so long.
“Reports estimate that Apapa ports can generate N20 billion a day, which is about N8 trillion annually.
“There are so many aspects to this sector that Nigeria ought to look for money to develop our economy.”
On his part, a policy analyst, Mr. Kolawole Johnson, said with the creation of the Ministry of Marine and Blue Economy, the administration of President Bola Ahmed Tinubu has hit a jackpot.
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He said the sector holds the key to the nation’s growth and development.
Johnson said: “The President obviously hit a jackpot with the creation of the ministry to unlock the unimaginable potentials of blue economy in the country.
“The maritime sector, at this critical point of our national life, holds the key to the nation’s growth and developments. It is cardinal to Nigeria’s economic growth.
“Stakeholders, who have been advocating for this attention for years, said it could generate as much as over N7 trillion for the country annually.
“The benefits will spread across the country.”
Johnson said all parts of the country can benefit from the sector.
He said there will be viability for a Port and an Oil and Gas Logistics Support Base to decongest Lagos ports.
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“A Greenfield Port with three berths with a quay length of about 500m could be achieved with about $400m.
“That is achievable through government-backed private sector financing. It could become a reality within three years.
“That is a smart low hanging fruit and an enduring legacy for Tinubu’s administration,” he added.
Johnson spoke at length on how Ondo State and other coastal parts of the country can benefit from investment in marine and blue economy.
He said: “Take for example Ondo State with an expansive coastline of about 100km, which is largely deep waters with natural draft between 12 and 15 metres, will address the congestion in the Lagos port adequately.
“There is viability for a Port and an Oil and Gas Logistics Support Base.
“Aside from oil fields located in Offshore Ondo State, the facility will be able to efficiently serve other contiguous fields that are presently being served from Lagos or Onne as they would be closer to Ondo Port than anywhere else.
“This will lead to greater cost efficiency in the industry and attendant gains for the government.
“The port will serve as the much needed alternative to the congested Lagos Ports. Most cargoes calling at Lagos ports have the Southwest as their final destination.
“Routing them through an alternative port in Ondo will save them from the hassles of the gridlock in Lagos, save time and cost and increase the productive capacity of the economy and reduce the cost of goods eventually.
“It will also be a better gateway for cargoes heading towards the Southeast and South- South.
“The port will open up the economy and potentials of Ondo State and environ and create jobs massively across various value chains.
“The improved and enhanced collection of port dues, pilotage dues on OGVs and services boats plying the waters could easily repay finance cost within a few years while the benefits will last generations.” Nation
