A Review of the Nigerian Energy Industry

‘Maritime & trade contribute $15bn yearly to Nigeria’s economy’

Sam Ikeotuonye 02 October 2015, Sweetcrude, Lagos – Maritime and trade in the Sub-Saharan Africa region have experienced an unprecedented growth in the last few years, contributing over $15 billion annually to Nigeria’s economy, according to former Managing Director of the Nigerian Ports Authority, NPA, Chief Adebayo Sarumi.
Adebayo-Sarumi, former NPA MD
Chief Sarumi

But the former NPA boss, who spoke in Lagos, said this contribution could grow to as much as $50 billion in the next few years.

He spoke ahead of the two-day International Sea Trade and Investment Convention scheduled to hold in Lagos between October 5 and 6.
 “Maritime and trade in the Sub-Saharan Africa region has experienced an unprecedented growth in the last few years, contributing over $15 billion annually to Nigeria’s economy. But this can grow to as much as $50 billion in the next couple of years,,” Sarumi, the chairman of the Steering Committee for the convention, said.
According to him, the convention has the target of highlighting impediments to export trade restrictions, facilities and regulations within the maritime industry.
It is also targeted at creating the platform for stakeholders to develop a roadmap to address issues of products, standardisation, financing, incentives and the lack of infrastructure in the industry, Sarumi said.

 

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