Nigeria Can Earn N70trn Yearly From Marine, Blue Economy, Agbakoba
A former president of the Nigerian Bar Association (NBA), Dr Olisa Agbakoba, has said the federal government can generate up to N70 trillion annually from the Marine and Blue Economy sector if the industry is properly structured, regulated, and fully harnessed.
Dr Agbakoba, who is the Senior Partner at Olisa Agbakoba Legal (OAL), made the assertion in a policy document titled “Unlocking Nigeria’s Maritime Potential to Generate N70 trillion Annually,” which he submitted to the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, on Sunday.
He explained that the document outlines seven transformative revenue pillars that could unlock sweeping economic gains through strategic legal, regulatory, and institutional reforms, enabling the government to realise the projected N70 trillion yearly.
One of the most urgent priorities, he said, is the strengthening of the Cabotage Act of 2003, noting that more than 25,000 foreign vessels allegedly operate illegally in Nigeria’s coastal waters, denying the nation significant revenue.
According to him, the maritime sector is potentially Nigeria’s largest economic frontier outside oil and gas. Citing estimates from the Nigerian Institution of Marine Engineers and Naval Architects (NIMENA), he stated that the industry could contribute about $44 billion (N70 trillion) annually to national GDP if governance and regulatory frameworks are properly strengthened.
He stressed that the timing is critical, given the country’s worsening fiscal situation marked by a total public debt of N152.40 trillion as of June 30, 2025.
He noted that debt servicing consumed N12.36 trillion, or 35.26 per cent of the 2024 budget, rising to a projected N15.4 trillion in 2025, an amount that exceeds the combined budgets for education, health, and defence.
Dr Agbakoba added that Nigeria’s debt servicing-to-revenue ratio increased from 76.8 per cent in 2023 to 77.5 per cent in 2024, while the 2025 budget deficit of N13.39 trillion will be financed largely through borrowing, with 69 per cent expected to come from new debts
He said this cycle is unsustainable, especially when enormous, largely untouched revenue prospects exist in the marine and blue economy.
He noted that an estimated N14 trillion can be earned annually from port infrastructure development, N12 trillion from inland waterways expansion, and N8 trillion from stronger Cabotage enforcement.
He warned that Nigeria loses about N20 billion daily as cargo continues to divert to neighbouring ports in Cotonou, Tema, and Lomé due to inadequate local port structures. He said creating a modern port ecosystem requires the enactment of a Ports and Inland Waterways Development Act and amendments to the NPA and NIWA Acts to enable revenue from tariffs, cargo handling, and special economic zones.
He explained that Nigeria’s 42 inland waterways remain underutilised. Dredging the Niger and Benue rivers, he said, would open a multimodal transport network that could decongest roads, cut logistics costs, and generate income from ferry operations, tolls, and tourism.
He added that enforcing the Cabotage Act would recapture revenue lost to foreign vessels while creating jobs for Nigerian seafarers and shipping firms.
Dr Agbakoba further highlighted that emerging maritime technologies could generate N6 trillion annually, oil and gas maritime services N16 trillion, oil rig taxation N6 trillion, and maritime security and blue economy activities N10 trillion.
He said the policy document contains a comprehensive legislative roadmap, including nine new laws and amendments to seven existing ones, supported by critical institutional reforms required to unlock the sector’s potential.
He emphasised that the roadmap already exists within the ministry’s national policy framework, and what is now required is firm, strategic implementation. According to him, the sector offers immediate revenue opportunities that could rival or surpass oil earnings while creating millions of jobs and significantly easing the country’s fiscal pressures.
He maintained that an annual N70 trillion maritime revenue could turn Nigeria’s debt servicing burden from a crisis into a manageable obligation and fund essential infrastructure and social investments.
Dr Agbakoba urged the Ministry of Marine and Blue Economy to prioritise the legislative and regulatory reforms contained in the policy document, stressing that Nigeria stands at a decisive turning point in its pursuit of sustainable economic growth.
