Maritime sector to grow by 5 % in 2018

The Nigerian Maritime industry has been projected to grow by 2.5 – 5 % between 2018-2019. The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Adol Petersid has said.

 Peterside revealed that the projected increase in demand for maritime services in Nigeria would account for the increase during the period of projection. 

This was contained in the Nigerian maritime industry forecast for 2018/2019 which was unveiled yesterday in Lagos, by the  Agency’s DG

The analysis in the publication, according to Peterside shows that Nigerians should expect total fleet size to grow by 4.08% in 2018 and 4.41% in 2019. 

He said that the maritime forecast released by Agency also project that oil tanker fleet size will decrease by 2.23% in 2018 and increase by 1.7% in 2019, stressing that the non-oil tanker fleet size is projected to increase by 8.15 % in 2018 and 8.72% in 2019 while the oil rig count is projected to increase by 27.67% in 2018 and 0% in 2019.

While noting that the maritime sector plays a major role in the exploitation, distribution and export of Nigeria’s ocean resources, also noted that a total annual freight cost estimated at between $5 and $6 billion dollars annually.  

He said that the maritime component of the Nigerian oil & Gas industry is worth an estimated $8 billion dollars further reflecting the prominence of the sector to the Nigerian economy.

The Nigerian Maritime Industry Forecast for 2018 and 2019 which is the first of its kind in the sector is intended to serve as a compass for local and international stakeholders willing to do business in the Nigeria maritime domain. It is part of the initiatives of the Dr. Dakuku Peterside led Management aimed at realizing a robust and virile maritime industry in Nigeria. The forecast period 2018-2019 covers a time of continuous recovery from recession, to the 2019 general elections and finally culminates in the post-election era



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