Dr. Abubakar Dantsoho, the Managing Director of the Nigerian Ports Authority (NPA), has described the vital role that effective seaports play in propelling Nigeria’s economic progress, pointing out that the maritime industry continues to be a crucial facilitator of trade and national development.
According to the NPA MD, seaports are essential entry points for imports and exports, promoting trade and increasing national revenue.
Dantsoho stressed that increasing port efficiency will drastically lower operating costs and boost Nigeria’s competitiveness in the international market while speaking at the Blue Economy Investment Summit in Abuja.
Dantsoho credited federal government reforms and Dr. Adegboyega Oyetola, Minister of Marine and Blue Economy, for the country’s marine industry’s turnaround.
Dantsoho reassured investors that Nigeria has the potential to rule Africa’s blue economy, pointing to continued federal government reforms and growing private sector involvement as key forces behind the marine industry’s change.
He pointed out that in order to effectively utilize its abundant marine resources in accordance with global sustainability goals, the nation must immediately reorient its economic priorities.
“A paradigm shift in Nigeria’s economic structure toward the complete utilization of our maritime resources is now necessary. If used effectively, our port system can be a significant engine of economic expansion, according to Dantsoho.
Nigeria is positioned to become a maritime hub for West Africa, akin to global leaders like Singapore and Morocco, because to its strategic location, huge population, and strong economy, according to the NPA boss.
“Nigeria is well-positioned to function as the maritime hub for West Africa due to our strategic location, market size, and economic strength,” he continued.
Despite these benefits, Dantsoho voiced worry that, despite accounting for more than 60% of the GDP of West Africa, Nigeria now handles just approximately 25% of the region’s cargo traffic.
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