By Davies Iheamnachor

PORT HARCOURT: The Nigerian Institution of Marine Engineers and Naval Architects (NIMENA) has revealed that Nigeria’s maritime sector has the potential to contribute approximately $44 billion annually to the country’s Gross Domestic Product (GDP) if effectively governed with appropriate policies.

The statement was made during a Maritime Stakeholders Meeting in Port Harcourt at the 13th Annual Conference of NIMENA, themed “Advancing National Maritime Regulations for Shared Prosperity.”

Speaking at the event, NIMENA’s National Chairman, Dr. Daniel Tamunodukobipi, emphasized the importance of advancing national maritime regulations to unlock the industry’s potential. He described the maritime industry as a cornerstone of global commerce, economic development, and international cooperation.

“Recent statistics reveal that the Nigerian maritime industry can contribute more than $44 billion annually to GDP, underscoring its importance to our nation’s blue economy ambitions,” Tamunodukobipi stated. “Its effective governance is essential to unlocking shared prosperity, not only within our nation but across the global maritime community.”

The Chairman of the South-South Steering Committee, George Okoroma, represented by his assistant, Stephen Opara, stressed the importance of regulations in ensuring safety and preventing accidents within the industry.

Okoroma also underscored the significance of promoting local content and capacity building through the implementation of the Cabotage Act.

Speaking on the topic, “The Cabotage Act and the Role of Waivers in The Advancement of the Nigerian Maritime Industry,” Jibril Abba, Executive Director of Maritime Labour and Cabotage Services, explained that the Cabotage Act is designed to foster indigenous capacity building and reduce foreign domination in the maritime sector.

“The Act is designed to prevent foreign domination of our trade and encourage indigenous capacity building,” Abba noted.

The stakeholders unanimously agreed that effective governance and adherence to regulations are vital to realizing the full potential of Nigeria’s maritime industry, ensuring its contributions to national and global economic growth.