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Shipping sector contributes 0.05 % to GDP, says Akinola

BY UDEME  CLEMENT
Nigeria’s domestic shipping sector contributes a meagre 0.05 percent to the nation’s Gross Domestic Product (GDP) whereas a country like Greece gives significant contribution of about 4.5 per cent to its economy from the shipping sector; employing 4 per cent of that country’s workforce”.

These were the words of the Chief Executive Officer, Ships and Ports Communications, Mr. Bolaji Akinola, at the inauguration of N100million investment club, held recently in Lagos .

According to him, the shipping industry contributes about £5 billion to the United Kingdom ’s GDP and provides direct employment to over 40,000 shipping jobs with a little less than one per cent contribution to that country’s GDP.

He stressed that Nigerians must fully participate in the shipping business as the sector is the engine of the global economy. “The presence of a strong domestic shipping industry is an important factor in growing Nigeria ’s economy”, he said.


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