Mrs. Ngozi Okonjo-Iweala
Minister for Finance &
Coordinating Minister of the Economy
Federal Ministry of Finance
GENERATION OF REVENUE FROM NON-OIL SECTOR OF THE NIGERIAN ECONOMY
Your welcome statement that Nigerians should henceforth view the country as a non-oil producing nation and explore other sources of revenue as a result of the decline in the price of oil. This calls for reflection. You have suggested broadening the tax base to raise revenue. While this is a good step, we suggest that it only scratches the surface.
As I have always said to you, there is massive untapped revenue in our maritime sector estimated at N7 Trillion per annum. I will suggest that you pay close attention to this sector, which at this time has all but collapsed. In order to tap revenue from this sector there will need to be an overhaul of policy, institutional, regulatory and legal framework.
There is a raft of legislation pending in the National Assembly, which have deterred growth in the sector, e.g. the PIB, the Ports & Harbour Bill, the Bill establishing the economic regulator (shipping sector), and the Maritime Zones Bill etc. In fact there is very good reason to review Nigeria’s Ocean Policy to tap abundant national resources.
As you know, I have dedicated many years to this sector and have deep knowledge of its potential of revenue generation, which I would like to discuss with you.
Olisa Agbakoba Legal
Olisa Agbakoba SAN., OON