According to report by the Nigerian Maritime Administration and Safety Agency, Nigeria has exported N123.3tn worth of crude oil from 2013 and 2022, as seen in the report on international shipping trade.
The report which is titled, ‘The Role of the Maritime Administration and Safety Agency in International Shipping Trade,’ was presented by a retired Director of Shipping Development at NIMASA, Mr Anthony Ogadi, in Lagos during a one-day training for journalists organized by NIMASA in collaboration with 4E Best Solution Limited.
Economists and other stakeholders decried the minimal impact of the huge earnings from crude oil sales on the Nigerian economy.
The report has it that, Nigeria recorded the highest crude oil export in 2022 as the value rose to N21.1tn compared to N14.4tn recorded in the previous year of 2021.
The statement read that : “In 2013, the value was N11.8tn; in 2014 it was N11.9tn; in 2015, the value dropped to N6.8tn; and in 2016, the value was N7.0tn. 2017 and 2018 had N11.0tn and N15.2tn respectively while 2019 and 2020 had N14.7tn and N9.4tn respectively. 2021 had N14.4tn while 2022 had N21.1tn”
The report further stated that between 2010 to 2019, the country had a total cargo throughput of 775, 711, 929.00 metric tonnes from all Nigeria seaports.
It also showed that 2014 had the highest volume of cargo throughput with 84,900,588 metric tonnes, while 2016 had the least with 70,365,036MT.
Also, maritime experts and professionals have said that the Federal Government’s inability to effectively enforce the Cabotage Act of 2003 and the NIMASA Act of 2007 to support national carriers has led to foreign dominance in the domestic market of recent.
They mentioned that it has deterred indigenous shipping companies from transporting crude oil and non-oil imports and exports.
The maritime boss also emphasized on the need for better implementation of those laws to support the growth of the indigenous shipping industry.
Ogadi advised NIMASA to partner with the various tiers of government on budget and planning to project budgeted public sector cargo.
Adding his voice, the Chief Executive Officer of Ships and Ports Limited, Dr Bolaji Akinola, criticized the state of the country’s indigenous shipping industry for 64 years, decrying that not one Nigerian company owned a single vessel among the over 5,000 ships that call at the nation’s seaports yearly.
Also speaking, the Chief Executive Officer of the Centre for the Promotion of Private Enterprises, Dr Muda Yusuf, said that the over N120tn from crude oil exports had not impacted significantly on the economy.
“If you look at other oil-producing countries like the UAE and Saudi Arabia, you will see the kind of impact that the proceeds from oil has brought to their economy, particularly to the diversification of their economy.
“Most of them are less dependent on oil. They have been able to use the proceeds of oil for quality infrastructure. They have been able to use the proceeds of oil to diversify their economy to create an environment that would attract a lot more investment to other sectors of the economy.
“This is not what happened in our economy, we are still stuck in a situation where we are heavily dependent on the oil and gas sector. It is unfortunate because we have not really used the oil and gas resources as a good leverage to ensure sustainable diversification of the economy.”
