MARITIME INDUSTRY CAN GENERATE N500bn YEARLY – Amaechi

By Anonymous -

The Minister of Transport, Mr Chibuike Amaechi, on Monday said that the maritime industry had the capacity to generate N500 billion revenue yearly for the nation, excluding customs revenue

Amaechi made the disclosure during a one-day Summit organised by Tell Magazine and the Nigerian Shippers’ Council (NSC) in Lagos.

He said that the shipping sub-sector was a major aspect of the maritime industry, adding that the sector remained crucial to the economy as the second revenue earner for government.

Amaechi said that the petroleum industry which had been the mainstay of the economy depended largely on shipping, without which the product evacuation would be impossible.

He said that shipping was the backbone of oil and gas productions and marketing.

“Statistics has shown that over 80 per cent of global oil trade is transported by ships, while in the case of Nigeria, it is 100 per cent.

“The shipping sub-sector of the maritime industry is estimated to be worth over 3 billion dollars annually.

“It is therefore expedient to stress that transport is demand-driven and government in its commitment to shipping, will consider growth and development of the industry,’’ the minister said


Location: Nigeria

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