The Nigerian Maritime industry is projected to grow by 2.5 per cent – 5 per cent within the period 2018-2019 and a projected increase in demand for maritime services in Nigeria during the period of projection. This was contained in the Nigerian maritime industry forecast for 2018/2019 unveiled in Lagos, by Dr. Dakuku Adol Peterside, Director General, Nigerian Maritime Administration and Safety Agency (NIMASA).
The analysis in the publication shows that Nigerians should expect total fleet size to grow by 4.08 per cent in 2018 and 4.41 per cent in 2019. The maritime forecast released by NIMASA also projects that oil tanker fleet size will decrease by 2.23 per cent in 2018 and increase by 1.7 per cent in 2019. The non-oil tanker fleet size is projected to increase by 8.15 per cent in 2018 and 8.72 per cent in 2019 while the oil rig count is projected to increase by 27.67 per cent in 2018 and 0 per cent in 2019.
The analysis shows that the maritime sector plays a major role in the exploitation, distribution and export of Nigeria’s ocean resources. With a total annual freight cost estimated at between $5 billion and $6 billion annually, the maritime component of the Nigerian oil & gas industry is worth an estimated $8 billion further reflecting the prominence of the sector to the Nigerian economy.
The Nigerian Maritime Industry Forecast for 2018 and 2019 which is the first of its kind in the sector is intended to serve as a compass for local and international stakeholders willing to do business in the Nigeria maritime domain. It is part of the initiatives of the Dr. Dakuku Peterside led management aimed at realizing a robust and virile maritime industry in Nigeria. The forecast period 2018-2019 covers a time of continuous recovery from recession, to the 2019 general elections and finally culminates in the post-election era. “As a regulator, we are driven by values and commitment, as these are the only ways that investors can be attracted to harness the great potentials in our maritime sector. On our part, we will continue to work out incentives and maritime sector specific interventions to attract investments”, the DG said.