Amaechi Lists Key Areas In Nigerian Maritime Yearning For Foreign Investment

The Minister of Transportation, Rt. Hon Chibuike Rotimi Amaechi has called on foreign investors to invest in Nigeria maritime industry, listing seven areas which investment opportunities are currently opened for investors to venture into.

. Amaechi disclosed this in his Paper presentation on“ Investment Opportunities in the Nigerian Maritime Sector“ at the 2021 Greek- Nigeria Chamber of Commerce &Technology Investment Summit in Athens, Greece. 

According to him, Automation and Artificial Intelligence, Maritime Freight & Logistics Services, Marine Tourism, Maritime Training, Ship Financing, Ship Building & Ship Repairs and Marine Insurance are the key areas for foreign investors.

 “Nigeria’s maritime sector’s competitiveness against global and continentalContemporaries is relatively low. Therefore, the Maritime industry in Nigeria is afertile 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 theMaritime Industry. “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 willaccelerate the nation’s economic development. With these resources Nigeria is aninvestment 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. “  The minister, said that Nigeria has often times made policies that impact the country positively, one of which is the ongoing efforts to establish the Regional Maritime Development Bank with Headquarters in Abuja. 

He however, said that the Maritime Industry is open to investors that will engage in the training of different professionals in the above mentioned aspects of maritime services, institutions of learning and consultancy firms are 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.Amaechi stated that Dry Docking remains a critical area of investment with over 3,500 vessels operating in Nigerian waters and largely been dry-docked outside the shores. 

According to him, Nigeria has quite a few ship yards in operation but the capacity remains at an all-time low noting that Ship building and ship repair yards in Nigeria is a subsector that is still underdeveloped.  

“Therefore, there are huge investment opportunities in building of vesselsto meet national and Cabotage requirement such as Barges, Tugboats, Crew Boat,Fishing Vessels, Merchant Ships, 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, LiftBoat and Patrol Vessel. 

“ 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.

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