Minister of Transportation, Mr Rotimi Amaechi, has called on foreign investors to invest in Nigeria’s maritime industry.
Ameaechi, in a statement by his Director of Press and Public Relations, Mr Eric Ojiekwe, listed seven areas which investment opportunities were currently opened for investors to venture into.
He said this in his paper presentation, “Investment Opportunities in the Nigeria’s Maritime Sector” at the 2021 Greek-Nigeria Chamber of Commerce and Technology Investment Summit in Athens, Greece.
He listed the areas for investment to include, Automation and Artificial Intelligence, Maritime Freight and Logistics Services, Marine Tourism, Maritime Training, Ship Financing, Ship Building & Ship Repairs and Marine Insurance.
“Nigeria’s maritime sector’s competitiveness against global and continental contemporaries is relatively low. Therefore, the maritime industry in Nigeria is a fertile ground for any investor to venture into.
“You may wish to know that investment windows are open in the Nigerian maritime industry. These investment opportunities include the Automation and Artificial Intelligence in the Maritime Industry.
“Other areas include Maritime Freight & Logistics Services, Marine Tourism, Maritime Training, Ship Financing, Ship Building & Ship Repairs and Marine Insurance.
“Nigeria’s oceans, seas, rivers, lakes and creeks represent major assets that will accelerate the nation’s economic development. With these resources Nigeria is an investment destination and as the most populated black nation.
“Nigeria is also using this avenue to call on foreign investors into the country.
“Nigeria’s tourism potential is huge and capable of contributing to the GDP,” he said.
According to the minister, Nigeria has made policies that has positively impacted on the nation, one of which is the ongoing efforts to establish the Regional Maritime Development Bank with Headquarters in Abuja.
He however, said the Maritime Industry was open to investors that would train different professionals in the above mentioned aspects of maritime services.
Amaechi noted that institutions of learning and consultancy firms were also welcomed.
“Nigeria’s Maritime Industry forecast states that government intervention in the sector is essential to source funding required to unlock the acquisition of these Maritime assets.
“However, prospective investors are invited to provide affordable financing models for ship owners and vessels operators.
” Financing remains critical for the enhancement as well as the promotion of shipping business growth and creation of corporate value, “he noted.
According to Amaechi, Dry Docking remains a critical area of investment with over 3,500 vessels operating in Nigerian waters and largely the dry-docked outside the shores.
He said: “Nigeria has quite a few ship yards in operation but the capacity remains at an all-time low. Ship building and ship repair yards in Nigeria is a subsector that is still underdeveloped.
“Therefore, there are huge investment opportunities in building of vessels to meet national and Cabotage requirement such as Barges, Tugboats, Crew Boat, Fishing Vessels, Merchant Ships and Tankers.
“House Boat, Offshore Support Vessels, Crew/Supply Vessel, Self-Propelled Barge, Supply Vessel, Patrol Boat, Dredgers, Multipurpose Vessel, A.H. TUG, Jack up Barge, Muster Barge, Floating vessel, Lift Boat and Patrol Vessel are not left out.
“In view of the foregoing, the government of Nigeria is ready to strengthen and give support to investors that will further develop and grow the industry, because it is a core industry that can be of great assistance to the development of the Economy.
“May I use this opportunity to call on investors to partner with us as we are poised to have a good working relationship with anyone that is ready to have a legal business in Nigeria,” Amaechi added.
