International trade: Nigeria losing billions to capital flight — Expert

A maritime analyst and Chief Executive Officer (CEO) of ships and ports, Mr Bolaji Akinola has said that Nigeria is losing billions of revenue to capital flight.

Speaking on television programme, Akinola urged the Federal Government to take concrete and deliberate measures to unlock the abundant economic potentials in the country’s marine and blue economy for it to actualize the one trillion dollars in revenues anticipated from the sector.

The ships and ports boss affirmed that the desire of President Bola Ahmed Tinubu’s administration to achieve the expected trillion-dollar revenue from the maritime sector will pose a significant challenge for the government unless deliberate efforts are made to expand key segments of the sector for the greater economic benefits of the country and its citizens.

Akinola further explained that Nigeria is blessed with an extensive coastline along the Gulf of Guinea that boasts abundant marine resources with immense potential for its economic growth and development.

The frontline maritime expert said actualising the trillion-dollar benefits anticipated from the blue economy will require concerted efforts and actionable initiatives.

“There is a need for an alignment of purpose. Take, for instance, let’s look at the fishing aspect because these are the low-hanging fruits. The coastal trade, the international trade, and even the fish trawling industry. We also need to look at that and say look, how do we now ensure that we get more Nigerian fishing trawlers into this business so that we can stem capital flight and retain value locally here.

“Nigeria is losing a lot of money from international trade. From the movement of crude oil out of the country, the importation of petroleum products into this country and the importation of many other goods into this country, we are not involved.

“Based on statistics, on the average I think out of about 5,000 vessels coming into Nigeria, none of these vessels, not one belong to a Nigerian.

“So imagine if we have a strategic plan to say look, of these 5000 vessels that are trading in our country, we are going to ensure that within the lifespan of this administration, we will ensure that Nigerians are able to do ten per cent,” Akinola stated

The former journalist and one-time President of Maritime Reporters Association of Nigeria (MARAN) bemoaned the negligible participation of Nigeria in the inland and coastal shipping and called for a significant impact on efforts to rectify the trade imbalances and foster economic development.

On how the Federal Government and the Ministry of Marine and Blue Economy can address the lingering challenges, Bolaji called for huge investment in port infrastructure, streamlining of regulatory processes and improving operational efficiencies.

He said such measures will enable Nigeria to revitalise its inland and coastal shipping sector, reduce trade imbalances and promote inclusive economic growth.