Nigerian waterway-based Trade is currently in a fragile state because of the financial and human costs associated with marine disasters. The personal accounts of people like Mrs. Pat Mienye, who was left penniless after her first trading excursion when her boat carrying goods sank, are told. She took out a lot of loans but lost almost everything, leaving her in debt with a feeling of hopelessness. Similar to this, boat accidents that were frequently brought on by overloading, lax regulations, and carelessness cost other business owners including John Chukwuemeka, Nedu Chiagozie, and Ella Pepple terrible sums of money.
Major boat mishaps have occurred, such the 2019 Austrheim sinking, which claimed many lives and resulted in significant financial losses. Local economies that depend on water transport were severely impacted by recent incidents in 2024 alone, which claimed hundreds of lives and caused the loss of commodities. Businesses in Nigeria’s maritime industry confront additional difficulties due to systemic problems like piracy, corruption, and inadequate infrastructure. Despite inefficiencies and hazards that result in significant financial losses, 97% of Nigeria’s exports are transported via waterways, underscoring the economic significance of these routes.
Experts underlined the importance of professional attention.
More so, the marine industry in Nigeria has had many difficulties, such as financial losses brought on by piracy and ineffective logistics. An estimated $818 million was spent on piracy in Nigeria in 2017, of which $213 million was spent on hiring maritime Security guards to guard vessels in the area. However, there have been noticeable advancements as a result of recent efforts. Due to increased safety in Nigerian seas, the International Bargaining Forum (IBF) delisted Nigeria from its list of maritime nations at risk in February 2023.
Stakeholders are still pushing for more stringent safety regulations to lower the number of maritime mishaps and fatalities. Experts underlined the importance of professional attention to maritime safety during the Energy and Maritime Reporters (EMR) 2024 Seminar and Awards in Port Harcourt. In an effort to improve marine Infrastructure and safety, the Nigerian marine Administration and Safety Agency (NIMASA) is expanding its regulatory control through legislative revisions. In order to promote safer navigation and lower the number of boat accidents, the proposed modifications would give NIMASA the authority to regulate both brown (inland waterways) and blue (ocean) water infrastructures.
The goal of the $195 million project was to combat marine crimes.
Furthermore, the Nigerian Ports Authority (NPA) has also started a 25-year national ports master plan to fix deteriorating infrastructure and investigate fresh concepts for the future of the maritime industry. Participants in workshops in Port Harcourt have worked to create a common strategy for overcoming obstacles. Through these coordinated efforts, Nigeria has shown its dedication to resolving marine issues and promoting a more secure and effective maritime environment. The issues affecting Nigeria’s maritime industry, such as piracy, inadequate infrastructure, and safety concerns, have been addressed by the government through a number of initiatives.
One important milestone was the Nigerian Maritime Administration and Safety Agency’s (NIMASA) 2021 launch of the Deep Blue Project. The goal of this $195 million project was to combat marine crimes by purchasing cutting-edge security assets like armoured vehicles, interceptor boats, and Special Mission Aircraft. These initiatives have reportedly helped to significantly reduce piracy events; by 2022, the International Maritime Bureau confirmed that reported cases in the Gulf of Guinea had decreased by 77%. Port and waterway infrastructure improvements have also been given top priority by the administration.
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Modernising outdated infrastructure and increasing port capabilities were the main goals of the Nigerian Ports Authority’s (NPA) 25-year National Ports Master Plan, which was unveiled in 2023. For instance, the Lekki Deep Sea Port, which has been in operation since 2023, is expected to handle 1.2 million TEUs a year, making Nigeria a vital hub for regional trade. To improve maritime governance, legal changes are also being made. The new enabling Act that NIMASA is working on intends to expand its jurisdiction to include both ocean-bound activities and inland waterways. In an effort to enhance cargo clearance times and alleviate bottlenecks, the government has also stepped up efforts to streamline port operations with the launch of the Nigerian Customs e-Customs platform.