From experts’ perspectives, Nigeria is a giant crawling on its knees, literall speaking.

With a coastline of about 853 kilometres of the estimated 47,000 kilometres in Africa and marine ecosystems covering 70,000 square kilometres, the country is a perfect haven for diverse investors.

However, despite these marvelous endwoments, the country is yet to tap into the unlimited opportunities and potential embedded in the maritime sector.

From available industry records, the global maritime industry is worth over $24 trillion but unfortunately Nigeria, as a maritime nation, is missing in action and hardly reaps from these huge resources.

Also, the sector currently contributes less than 1 per cent to the nation’s Gross Domestic Product (GDP) despite its strategic importance to the economy.

However, experts at different fora have posited that the blue economy aspect of the maritime sector is capable of sustaining the nation’s economy and funding the nation’s budget deficit if well harnessed.

For instance, given its blue economy potential, the Africa Blue Economy Alliance, using data from the Nigerian Maritime Administration and Safety Agency (NIMASA) projected the value of Nigeria’s untapped blue economy potential at a stunning $296 billion.

Under the sector, fishing, coastal leisure and tourism, shipbuilding, seawater desalination, offshore oil and gas and shipping are some of the economic activities in the traditional sector. But more recently, new industries have emerged in deep sea mining, biotechnology, aquaculture, seabed extraction, offshore renewable energy and blue carbon sequestration.

Daily Sun learnt that both traditional and emerging industries and sectors of the blue economy can boost job creation, improve food security, tourism, infrastructure development, green energy, smart cities and ports among others when properly harnessed through enabling policy frameworks.

In recent times, the Federal Government and top players in the maritime sector have started to recognise the opportunities abound in the industry, which is one of the reasons the Ministry of Marine and Blue Economy was created.

However, at the recent International Customs Day, Minister of Marine and Blue Economy, Gboyega Oyetola emphasised that the Federal President Bola Tinubu administration was focused on tapping substantially from the global maritime resources estimated at over $24 trillion, which support over 90 per cent of global trade and generating millions of jobs as part of deliberate measures to boost Nigeria’s economy.

In order to achieve these, he made a strong case for the integration of sustainability into the policies and strategies, boost investments in the ports, research, technology, and, most importantly, foster inclusive alliances among stakeholders and partners within the supply chain.

Speaking with Daily Sun, a Maritime Lawyer, Barrister Osuala Nwagbara, said Nigeria today has a ministry of Marine and Blue Economy as an expression ministry that would tap into resources the nation has in the maritime space.

He said looking at the ministry carefully, it is a cross-cutting ministry and supposed to coordinate all the ministries and departments that have one thing or the other to do within the broad framework and broad outline of maritime.

“Of course, maritime in this context, is the sea-based resources that Nigeria can tap into to develop our nation and contribute significantly to the Gross Domestic Product (GDP). And beyond that, have a say in maritime affairs at the global level specifically the International Maritime Organisation.

“Under the Marine and Blue Economy ministry, you will find tourism and investment. We don’t need to overemphasise the importance of maritime, water resources in promoting tourism and investment in tourism. And of course, investments here are broad based. You have hotels, travels, and all that. Transportation is also part of it. Growth in transportation, infrastructure et al, they are all involved in tourism and investment.

“Again, under that ministry, you will find fishery. You know the problem Nigeria has had with regard to illegal and unregulated fishing and yet fishing contribute so much to food security in every given nation. The ministry has under it aspects that will promote fishing in a responsible manner and in a manner that will conserve marine environment in sustainable manner and we are talking about sustainable development here,” he explained.

According to him, fishery by virtue of its nature and the environment in which fishing can be done are under marine and blue economy and we are talking about food security.

“Again, agriculture, how do we tap into our water body to promote agriculture apart from fishing?

“Even energy and power can be generated using our water body and using resources we are blessed with which is water. You can tap energy, you can build your power, hydro-dam, lay your cable for electricity supply, build your electricity facility within the ocean. This where energy and power come within the remit of the function marine and blue economy,” he added.

He also spoke about human capital development, adding that a large body of seafarers, going by the statistics from International Maritime Organisation (IMO), would be needed in 2025.

This is because seafarers are engine room of maritime globally and Africa is being looked upon as the resource pool come 2025.

“And Nigeria is blessed with population, and about 65 per cent of our population are in the youth bracket. So we have opportunity of maximising and optimising the benefit of marine and blue economy to train seafarers for local use and for export.

“When they are exported, they earn from working in ships that trade around the world and they make diaspora remittances. Seafarers make so much diaspora remittances that make the economy buoyant in terms of foreign exchange. Philippines is an example diaspora remittances especially from the seafarers. They contribute a large chunk of their GDP. So you have that human development there. In all of these, you are creating and expanding the economic base. You’re generating local employment from all these areas we have mentioned,” he said.

Nwagbara said there was a need for local water to be developed for inland transportation even cross-country transportation and African countries through waterways transportation.

He urged the government took in that direction as part of the ways Nigeria can optimise development of the nation’s waterways and ocean resources.

He added that there are so much to gain from marine and blue economy of Nigeria if Nigeria optimises the benefits that are inherent in the nation’s marine and blue economy.

He said the move will force the world to recognise the the nation’s role and have a say at the IMO.

“And when we put all of these gains together it will eventually result in gain to our country. There is no way the contribution to our GDP will remain marginal. And in this, it will come next to agriculture which is the highest contributor to our GDP as this time as we speak.

“I’m sure that by the time the Marine and Blue Economy taps into all of these areas that we are endowed with under the remit of its responsibility, maritime industry will contribute even more than agriculture is contributing now to GDP.

“One of the ways this can be achieved is that the current Minister of Marine and Blue Economy, Adegboyega Oyetola should start now and seize the opportunities that have been thrown on his lap and begin to coordinate all these areas that I have mentioned,” he stated.

He said Marine and Blue Economy is about the most important ministry in Nigeria now because there in lies the hope of this country

“The Minister should be coordinating now because the future of the nation lies in the marine and blue economy and things that have not been properly done will be done properly.

“All the areas that have been neglected in the industry will become focal point and when the ministry work with other ministry, with Marine and Blue Economy ministry coordinate, there will be new Nigeria where there will be development, industrial and economic development, employment opportunities and poverty reduction,” he said.

In his contribution, the Advisory Head/CEO, Kamany Marine Services Limited, Charles Okorefe, said the problem of the industry has to do with the issue of coordination because the Nigerian maritime industry has to be properly coordinated.

“Proper coordination is the watchword because as it is, we still have different aspects of the sector working in discordant pattern. There is no proper coordination. We have been looking at the issue of the Cabotage vessel financing fund disbursement over the years. The Nigerian shipping operators, they are not empowered…”

So the aspect of shipping, lifting of our crude oil for instance is zero. Then when you also look at other aspect.

“Then, when we also look at every aspect, everywhere, you will hear that Government has given Customs certain target that is not the way it ought to be. Customs are meant to facilitate trade and not concentrated mainly on revenue generation. When you facilitate trade that means your port are inviting to users both local and foreigners.

He said Nigerian ports are not inviting because of too many encumbrances, adding that export also is a major problem when one have goods that get spoilt along the way because they are not moved out of the at right time for export purposes.

He added that by the time the goods get to their final destination, they are deteriorated, adding that the situation diminishing Nigeria’s earnings from export because when one carries bad product to the foreign buyers, they dictate the amount to be paid for the product and sometimes, they reject the product outrightly, which constitute a major issue for Nigerian export.

“And of course, we are talking about the movement of petroleum products, which Nigeria has not be able to perfect. I mentioned to you the last about the Free on Board arrangement whereby the foreign buyers of our crude they are the one to nominate the vessel to carry our crude meaning that we do not earn any value from our crude export that is major disservice in terms of lowering our GDP as far as the maritime sector is concerned.

“So there are so many things that are involved. Our port are not operating optimally. Look at the port in the Eastern zone and Central zone, Delta, Port Harcourt, Rivers and Cross Rivers. What you find is that there is a lot of disconnect in terms of capital dredging of those Ports and activities in them. It will be difficult for the maritime industry to add up to the GDP. So these are the major issues.

He said Nigeria port has not been achieve single window system up till now when little maritime nations like Benin Republic, Togo and Ghana are operating single window system.

“Maybe agencies of government are working across purpose that does not add up to industry efficient and when you’re not efficient, you are less productive so these are the major contending issues that needs to be look at if Nigeria wants to tap into the opportunity in the global maritime domain,” he added.