A senior lawyer, Dr Olisa Agbakoba, has sought the enactment of nine new laws and amendments to seven others to enable the Ministry of Marine and Blue Economy to generate massive revenue for Nigeria.

Mr Agbakoba, who is the Senior Partner at Olisa Agbakoba Legal, said the ministry could realise N70 trillion for Nigeria annually from the maritime sector by unlocking its full potential.

This is contained in a letter by Mr Agbakoba to the Minister of Marine and Blue Economy, Adegboyegba Oyetola, dated November 30, a copy of which was made available to journalists on Sunday in Lagos.

In the letter titled, “Unlocking Nigeria’s Maritime Sector Potential- a Pathway to Realizing N70 Trillion Annually,” Mr Agbakoba stated that the maritime sector potentially remained Nigeria’s largest economic sector outside the oil and gas.

He said the comprehensive legislative framework, comprising nine new laws to be enacted and seven existing laws to be amended, and supported by critical institutional reforms, remained the way forward to realise the projected revenue.

He stated, “The legislative framework include, Ports and Inland Waterways Development Act, Marine Spatial Planning Act, Sustainable Fisheries and Aquaculture Act, and Marine Pollution Control and Climate Adaptation Act.
“It also includes the Coast Guard Establishment Act, Maritime Security and Piracy Suppression Act and the Legal Framework for MASS, Electronic Bill of Lading Framework, and Blue Economy Act.

“Seven existing laws to be amended are the NIMASA Act 2007, NPA Act 1999, NIWA Act 1997, Cabotage Act 2003, Merchant Shipping Act 2007, Petroleum Industry Act 2021, EEZ Act 1978, and Sea Fisheries Act 1992.”

He said the he amendments should be supported by critical institutional reforms including the National Blue Economy Commission, Marine Pollution Task Force, specialised maritime courts, and strengthened inter-agency collaboration.

Mr Agbakoba added, “While the world focuses on our oil and gas sector, the maritime sector quietly presents opportunities that could rival or exceed petroleum revenues while creating millions of jobs your policy envisions and establishing Nigeria as a true maritime power.”

He pointed out that the roadmap exists in the National Policy; noting that all now required was decisive implementation.

The Nigerian Institution of Marine Engineers and Naval Architects (NIMENA) projected that the maritime industry could contribute approximately $44 billion (N70 trillion) annually to Nigeria’s GDP with improved governance and regulation.

Mr Agbakoba stated, “Transformative revenue streams can be unlocked through strategic, legal, regulatory, and institutional reforms.”

He said that one of the major steps to realising the revenue projection was through Port Infrastructure Development.

According to him, Nigeria can realise about N14 trillion annually through the ports.

He stated, “Nigeria losses N20 billion daily as cargo diverts to Cotonou, Tema, and Lomé due to port infrastructure.
Enacting the Ports and Inland Waterways Development Act and amending the NPA and NIWA Acts would modernise our ports and unlock revenues from tariffs, cargo handling fees, and special economic zones.”

He noted that Inland Waterways Development could yield about N10-12 trillion annually, lamenting that many inland waterways were not functional.

He said, “Dredging the River Niger and River Benue to create a functional multimodal transport system would reduce transportation costs, decongest roads, and generate revenues from tolls, ferry services, and tourism.”

According to Mr Agbakoba, there is need forCabotage Enforcement which can generate about N8 trillion annually.

He stated, “Over 25,000 foreign vessels illegally trade in our coastal waters. Strengthening the Cabotage Act 2003 would recapture these revenues while creating jobs for Nigerian seafarers and shipping companies.”

The legal luminary sought for Oil Rig Taxation, saying that it could yield about N6 trillion annually.

He said, “Tax is currently not collected from oil rigs operating in Nigerian waters. Amending the NIMASA Act to establish a taxation framework would immediately capture this revenue stream.”

On the Oil and Gas Maritime Services, Mr Agbakoba said the ministry loses about N16 trillion annually, over $1billion in legal services, shipping contracts, banking services, and marine insurance flows to foreign firms.

He said that enforcing the Local Content Act across all value chains and establishing a Maritime Development Bank would recapture the losses.

Mr Agbakoba said the Maritime Security and Blue Economy could generate between N8 to N10 trillion annually, noting that while the Deep Blue Project achieved a 30 per cent drop in piracy, only a coast guard could adequately protect the maritime domain.

“Enhanced security will attract international shipping, reduce insurance premiums by 40 per cent, and unlock coastal tourism revenues,” he noted.

On Emerging Maritime Technologies, Mr Agbakoba stated that it could generate between N5 to N6 trillion annually.

He stated, “The IMO will mandate Maritime Autonomous Surface Ships by January 2028. Early adoption through appropriate legal frameworks would position Nigeria as a regional hub for digital maritime services.

“While the world focuses on our oil and gas sector, the maritime sector quietly presents opportunities that could rival or exceed petroleum revenues while creating millions of jobs your policy envisions and establishing Nigeria as a true maritime power.”

(NAN)