Unlocking Nigeria’s Maritime and Blue Economy: Comprehensive Advisory by OAL

Olisa Agbakoba Legal (OAL) has submitted a comprehensive advisory to the Federal Government of Nigeria outlining critical reforms needed to unlock the full potential of the country’s maritime and blue economy sectors. The advisory emphasizes the need for a robust and effective governance framework, strategic investments, and legislative updates to drive revenue generation, job creation, and sustainable growth in these vital sectors.

• The advisory stresses the need for a robust and empowered Ministry of Maritime and Blue Economy. This entails providing the Ministry with the necessary resources and authority to effectively formulate policies, allocate resources, and oversee all maritime activities.
• Investing in and revitalizing key maritime institutions such as the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA) is critical. This involves enhancing their capacity, streamlining operations, and improving their overall efficiency to better facilitate trade and ensure the smooth functioning of the maritime sector.
• Addressing infrastructure challenges, particularly through impactful projects like the Apapa Regeneration initiative, is vital for improving port efficiency, facilitating smoother trade flows, and attracting foreign investment.
• The advisory highlights the need for a comprehensive legislative overhaul. Expediting the passage of the Ports and Harbors Bill and amending the Merchant Shipping Act are key priorities. These legislative reforms aim to promote transparency, streamline operations, and encourage private sector participation through Public-Private Partnerships (PPPs), fostering a more competitive and efficient maritime environment.
• The advisory emphasizes the crucial role of local participation and content development in the maritime sector. Enforcing the Cabotage Act and increasing the involvement of Nigerian-owned vessels in domestic coastal trade will create employment opportunities, retain industry revenue within the country, and support the growth of a robust national fleet. Initiatives like the Cabotage Vessel Financing Fund will be essential in achieving these goals.
• The advisory recommends international collaboration, investment in security resources, and the establishment of a dedicated Coast Guard to combat piracy and other maritime threats. This will enhance safety and security, attracting investment and fostering sustainable growth in the sector.
• The enactment of the Maritime Zones Bill is recommended to enable Nigeria to access and regulate its vast aquatic resources, particularly in its Exclusive Economic Zone (EEZ).