Building up Nigeria’s shipping sector

Building up Nigeria’s shipping sector

Since the crash in oil prices in 2014, the Nigerian Government has been pushing to diversify its economy. The prolonged slump, combined with conflict in the oil-producing Niger Delta region, caused Africa’s largest economy to enter a major recession – something its administration is keen to avoid happening again.

While oil remains the backbone of the Nigerian economy, one of the most promising sectors it’s hoping to develop is the shipping industry. With a coastline of more than 850km, a maritime area of 46,000km2, and more than 70% of Nigerian trade by value being moved by sea, “the importance of the blue economy and in particular, maritime transport for trade and development in Nigeria, cannot be overemphasised,” said Nigeria’s Maritime Administration and Safety Agency (NIMASA) in a recent report.

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