The Managing Director of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, has rued Nigeria’s low cargo traffic handling in the West African subregional maritime hub at a mere 25% when the country even though it accounts for over 60% of the subregional gross domestic product (GDP).
Dantsoho was quoted as expressing this concern on the worrisome situation in a statement while speaking at the Blue Economy Investment Summit with the theme “Shifting Gears: Heading to a New Frontier in Maritime Economy” recently held in Abuja.
The NPA boss lamented: “It is worrisome that Nigeria, despite controlling over 60 per cent of West Africa’s GDP, handles only about 25 per cent of the region’s cargo traffic. This clearly shows that we have not fully optimised our potential.”
Despite the situation, Dantsoho assured investors that the nation’s share of the cargo traffic would soon significantly improve given the far-reaching reforms the Federal Government is carrying on to reposition the maritime sector.
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According to him, to change the narrative there is the need for improved private sector funding, adding that the NPA is actively encouraging project financing to bridge infrastructure gaps and improve efficiency.
He explained: “We are open to private sector participation through project financing. This approach is already improving efficiency and providing access to funding for critical infrastructure,” he said.
“The ultimate goal is to improve linear connectivity, attract bigger vessels, reduce freight costs, and expand our export base, which will significantly boost revenue generation”, the industry expert assured.
Dantsoho maintained that competitiveness in the global maritime industry required efficient operations, competitive pricing, and strong hinterland connectivity, adding that Nigerian ports must remain adaptive to evolving global shipping trends in order for it to position at the forefront of the competitive industry.
He expressed optimism that with sustained commitment to current reform measures of the government, Nigeria’s port system will be transformed to the strongest maritime logistics hub in Africa.
