Nigeria Poised to Dominate Africa's Blue Economy Under Oyetola's Leadership
The Managing Director and Chief Executive Officer of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has highlighted the transformative impact of reforms led by the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, and the federal government. Speaking at the Blue Economy Investment Summit in Abuja, Dantsoho assured investors that Nigeria possesses the capacity to dominate Africa's blue economy, driven by ongoing governmental reforms and increased private sector involvement.
Strategic Reforms to Unlock Maritime Potential
Dantsoho emphasised that Nigeria's port system is set to play a pivotal role in unlocking strategic investments and accelerating economic growth. He called for an urgent refocus of the nation's economic priorities towards fully harnessing its vast marine resources, aligning with global sustainability goals. "The time has come for a paradigm shift in the structure of Nigeria's economy towards the full utilisation of our marine resources. Our port system, if properly harnessed, can serve as a major driver of economic growth," he stated.
He pointed out Nigeria's strategic advantages, including its location, large population, and economic strength, which position it to become a maritime hub for West Africa, comparable to global leaders like Singapore and Morocco. "By virtue of our strategic location, market size and economic strength, Nigeria is well-positioned to function as the maritime hub for West Africa," Dantsoho added.
Addressing Current Challenges and Opportunities
Despite these advantages, Dantsoho expressed concern over Nigeria's current handling of only about 25 per cent of cargo traffic in the region, despite accounting for over 60 per cent of West Africa's GDP. "It is worrisome that Nigeria, despite controlling over 60 per cent of West Africa's GDP, handles only about 25 per cent of the region's cargo traffic. This clearly shows that we have not fully optimised our potential," he noted.
However, he assured that the tide is turning, with the federal government, through the Federal Ministry of Marine and Blue Economy, implementing far-reaching reforms. Key initiatives include:
- Port modernisation
- Deployment of a Trade Single Window
- Implementation of a Port Community System
- Development of deep seaports
- Full digitalisation of port operations
"We are implementing key strategic initiatives such as port modernisation, trade single window, port community system, deep seaport development and full digitalisation to reposition our ports for global competitiveness," Dantsoho explained.
Private Sector Investment and Future Goals
Dantsoho stressed that private sector funding is central to achieving these goals, with the NPA actively encouraging project financing to bridge infrastructure gaps and improve efficiency. "We are open to private sector participation through project financing. This approach is already improving efficiency and providing access to funding for critical infrastructure," he said.
The reforms aim to enhance port efficiency, improve connectivity, reduce freight costs, and boost non-oil exports, ultimately driving revenue growth. "The ultimate goal is to improve liner connectivity, attract bigger vessels, reduce freight costs, and expand our export base, which will significantly boost revenue generation," he noted.
He added that competitiveness in the global maritime industry requires efficient operations, competitive pricing, and strong hinterland connectivity, urging Nigerian ports to remain adaptive to evolving trends. "With sustained commitment to these initiatives, Nigeria's port system will enter a new phase and emerge as a leading maritime logistics hub in Africa," Dantsoho assured.
Minister Oyetola's Vision for Nigeria's Blue Economy
Also speaking at the summit, Minister of Marine and Blue Economy, Gboyega Oyetola, highlighted Nigeria's natural endowments, including its 823-kilometre coastline and extensive inland waterways, which place it in a strong position to lead the sector. "With over 823 kilometres of coastline, extensive inland waterways and a prime location along the Gulf of Guinea, Nigeria is uniquely positioned to harness the immense potential of the marine and blue economy," Oyetola said.
He noted that federal government reforms have improved coordination, strengthened maritime security, and boosted investor confidence, with the sector accounting for over 90 per cent of Nigeria's international trade by volume. This comprehensive approach underscores Nigeria's commitment to becoming a dominant force in Africa's blue economy through strategic reforms and collaborative efforts.
