Infrastructure deficit, insecurity limit maritime contribution to GDP — Sifax boss
The Chairman of Sifax Group, Taiwo Afolabi, has attributed the maritime industry’s minimal contribution to Nigeria’s Gross Domestic Product, GDP, to infrastructure deficit, insecurity on the nation’s waterways, and low level of technology adoption and deployment in the sector.
Afolabi made this known at the 5th Taiwo Afolabi Annual Maritime (TAAM) conference organised by the Maritime Forum of the Faculty of Law, University of Lagos.
Afolabi noted that other hindrances are foreign exchange bottlenecks as well as inconsistent policies.
He stated: “These have limited the ability of the sector to contribute significantly to the country’s Gross Domestic Product GDP. “If well harnessed, the maritime industry has the potential to become a major revenue earner for the country, particularly with the declining all revenue.
“The lessons of the last few years as a nation should not be lost on us. The non-oil sector is increasingly becoming the mainstay of the country’s economy. We have funded our national budget in the last few years majorly without proceeds from oil but from other sectors.
“The days of our overreliance on oil are behind us now and it’s about time we focused on transitioning from an all-dependent economy to non-oil reliance.
“The maritime sector, I can say without any fear of contradiction, will play a crucial role in this economic transition if more attention is committed to the industry.
“Judging by the potentials of the industry, we are of the opinion and belief that Nigeria’s maritime industry can rank among the best in the world. It will only take careful planning, progressive policies, generous funding, enabling environment, friendly economic policies, manpower development and massive infrastructural development,” he noted.
