Maritime Sector Revenue Can Surpass Oil, Terminal Operators Tell Federal Gov’t

The Chairman of the Seaport Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, has stated that the nation’s maritime sector has the potential to surpass the oil and gas industry in revenue generation for the country if it receives priority attention.

Princess Haastrup expressed this view during a courtesy visit by the Executive Secretary of the Nigerian Shippers’ Council (NSC), Akutah Pius Ukeyima, in Lagos.

While reaffirming support for the establishment of the Federal Ministry of Marine and Blue Economy, she mentioned that the Federal Government’s goal to increase revenue from the maritime sector can only be achieved through “careful and strategic long-term planning.”

The STOAN Chairman also advocated for the passage of the National Transport Commission (NTC) Bill.

She explained that the proposed NTC would serve as an independent economic regulator in the transport industry, encompassing maritime, rail, aviation, and land transport.

“It is expected to promote competitive market conduct and prevent the misuse of monopoly or non-transitory market power in the provision of transport services. It will also promote private sector participation in the provision of transport services and ensure that operators and users have equitable access to transport facilities, services, channels, and routes,” she stated.

She assured the Nigerian Shippers’ Council of her support for its transformation into the NTC once the NTC Bill is enacted.

“We support the NTC and the Nigerian Shippers’ Council’s transformation into the NTC to enable the Council to effectively protect the rights and interests of operators and consumers,” she declared.

The STOAN Chairman highlighted that terminal operators at the nation’s seaports have overcome various challenges associated with cargo-handling operations through significant private sector investments in the terminals.

She noted that port concessionaires have enhanced the efficiency and productivity of the ports, reduced vessel waiting times, decreased the cost of doing business at the port, freed government resources for other vital sectors, increased government revenue generated through the seaports, and created jobs.

“Terminal operators, in collaboration with the Nigerian Ports Authority, have improved the state of the ports in terms of security, quay and yard infrastructure, productivity, and efficiency. The efficiency of our ports has improved multiple folds. Vessel waiting time has been eliminated, resulting in significant savings for importers and exporters. Government now generates revenue in trillions of Naira through tax authorities, Customs, NPA, and NIMASA as opposed to the few billions generated before the concession,” she said.

During the visit, the Shippers’ Council boss, Ukeyima, praised terminal operators for their investments at the port.

He stated that the visit provided insight into the operations of terminal operators and promised to foster collaboration with them and create an environment conducive to business at the seaports.