The Managing Director and Chief Govt Officer of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has attributed the transformation of the nation’s maritime sector to the affect of the Minister of Marine and Blue Financial system, Dr Adegboyega Oyetola and the federal authorities reforms.
This was as Dantsoho assured traders that Nigeria has the capability to dominate Africa’s blue economic system, citing ongoing federal authorities reforms and elevated personal sector participation as important drivers of transformation within the maritime sector.
Dantsoho gave the peace of mind whereas talking on the Blue Financial system Funding Summit in Abuja, the place he confused that Nigeria’s port system would play a pivotal position in unlocking strategic investments and accelerating {economic} development.
He famous that the nation should urgently refocus its {economic} priorities towards totally harnessing its huge marine assets according to world sustainability targets.
“The time has come for a paradigm shift within the construction of Nigeria’s economic system in direction of the complete utilisation of our marine assets. Our port system, if correctly harnessed, can function a significant driver of {economic} development,” Dantsoho mentioned.
The NPA boss defined that Nigeria’s strategic location, massive inhabitants and {economic} power place it to develop into a maritime hub for West Africa, corresponding to world leaders akin to Singapore and Morocco.
“By advantage of our strategic location, market dimension and {economic} power, Nigeria is well-positioned to perform because the maritime hub for West Africa,” he added.
Regardless of these benefits, Dantsoho expressed concern that Nigeria presently handles solely about 25 per cent of cargo site visitors within the area, regardless that it accounts for over 60 per cent of West Africa’s GDP.
“It’s worrisome that Nigeria, regardless of controlling over 60 per cent of West Africa’s GDP, handles solely about 25 per cent of the area’s cargo site visitors. This clearly exhibits that we’ve not totally optimised our potential,” he mentioned.
He, nonetheless, assured traders that the tide is popping, because the federal authorities, by the Federal Ministry of Marine and Blue Financial system, is implementing far-reaching reforms to reposition the sector.
Based on him, key initiatives embrace port modernisation, deployment of a Commerce Single Window, implementation of a Port Neighborhood System, improvement of deep seaports and full digitalisation of port operations.
“We’re implementing key strategic initiatives akin to port modernisation, commerce single window, port neighborhood system, deep seaport improvement and full digitalisation to reposition our ports for world competitiveness,” he said.
Dantsoho emphasised that non-public sector funding stays central to attaining these targets, noting that the NPA is actively encouraging undertaking financing to bridge infrastructure gaps and enhance effectivity.
“We’re open to non-public sector participation by undertaking financing. This method is already enhancing effectivity and offering entry to funding for important infrastructure,” he mentioned.
He added that the reforms are designed to boost port effectivity, enhance connectivity, scale back freight prices and enhance non-oil exports, in the end driving income development.
“The last word aim is to enhance liner connectivity, entice larger vessels, scale back freight prices, and increase our export base, which can considerably enhance income technology,” he famous.
Dantsoho confused that competitiveness within the world maritime business requires environment friendly operations, aggressive pricing and powerful hinterland connectivity, including that Nigerian ports should stay adaptive to evolving world transport traits.
“With sustained dedication to those initiatives, Nigeria’s port system will enter a brand new part and emerge as a number one maritime logistics hub in Africa,” he assured.
Additionally talking, the Minister of Marine and Blue Financial system, Gboyega Oyetola, mentioned Nigeria’s pure endowments, together with its 823-kilometre shoreline and in depth inland waterways, place it in a powerful place to steer the sector.
“With over 823 kilometres of shoreline, in depth inland waterways and a primary location alongside the Gulf of Guinea, Nigeria is uniquely positioned to harness the immense potential of the marine and blue economic system,” Oyetola mentioned.
He added that reforms by the federal authorities have improved coordination, strengthened maritime safety and boosted investor confidence, noting that the sector accounts for over 90 per cent of Nigeria’s worldwide commerce by quantity.