Maritime ll contribute 10% to GDP, says Peterside
THE Federal Government, yesterday projected a 10 per cent growth in the maritime industry. This was contained in the 2019/2020 maritime forecast unveiled by the Nigerian Maritime Administration and Safety Agency (NIMASA) in Lagos.
The forecast, the second in the series, tagged: Harnessing the maritime and shipping sector for sustainable growth, is aimed at giving direction to investors and stakeholders in the industry, in planning and investment decisions as part of efforts to attract more foreign direct investment to the economy.
NIMASA Director-General, Dakuku Peterside, said this years forecast will address how emerging trends in the global maritime industry will affect the maritime sector as well as domestic factors that will influence it.
The maritime sector has the potential of contributing at least 10 per cent of Nigerias Gross Domestic Product (GDP) in no distant future, as Nigeria has the biggest market in Africa, generating between 65 and 67 per cent of cargo throughput in West Africa and 65 per cent of all cargo heading for these regions will most likely end up in the Nigerian market, he said.
According to the forecast, the outlook for the economy this year reflects, on the global side, concerns about a substantial global economic growth slowdown, likely higher U.S interest rates, a stronger dollar and volatile oil prices possibly averaging below $60 per barrel, and domestically, the impact of sentiments surrounding the 2019 general elections and post-electoral transi....