Why Nigeria May Lose $44bn Maritime Wealth Without Urgent Reforms

Maritime expert and former minister of Interior, Capt. Emmanuel Iheanacho, has warned that Nigeria risks losing an estimated $44 billion (N70 trillion) in annual economic value if it fails to urgently implement sweeping reforms across its maritime and blue economy sector.

Speaking at the public presentation of the Maritime Reporters’ Association of Nigeria (MARAN)’s new publication, “50 Drivers of the Nigerian Maritime and Blue Economy,” Iheanacho said that despite recent policy gains, Nigeria remains dangerously behind in unlocking the vast economic opportunities in its 853-kilometre coastline and inland waterways.

He noted that the federal government’s approval of the National Marine and Blue Economy Policy (2025–2034) earlier this year marked one of the most important advances in the sector, offering a detailed roadmap for maritime trade expansion, aquaculture development, blue tourism, clean ocean energy and coastal resource management. But he stressed that the policy would amount to nothing without decisive implementation, infrastructure renewal and strong governance discipline.
According to Iheanacho, Nigeria’s maritime potential is neither theoretical nor exaggerated. He argued that with the right reforms, the blue economy could inject $44 billion annually into the nation’s GDP, strengthen foreign earnings, create hundreds of thousands of jobs, and reposition Nigeria as a dominant maritime nation in Africa. But he warned that the country is currently not structurally positioned to harness this wealth.

“Nigeria today has a strong blueprint with clear economic opportunities. But unless we address infrastructure gaps, improve governance, mobilise private capital and strengthen port efficiency, the country will continue to underperform,” he said.

Iheanacho described the sector’s greatest weakness as its slow and inconsistent policy execution, noting that many of the nation’s ports remain outdated, overstretched and unable to compete with regional hubs such as Tema and Lome.

He added that the excessive reliance on road transport, insufficient private-sector integration, uncompetitive port processes and weak intermodal systems continue to erode revenue and global competitiveness.

He stated that while the Ministry of Marine and Blue Economy has recorded improvements such as a 75 percent performance score and zero piracy incidents in key shipping corridors, the achievements are overshadowed by persistent systemic failures that undermine investor confidence.
He cited the slow pace of port reconstruction, particularly at Apapa and Tin Can, as an example of how Nigeria continues to lose ground to other African countries that are aggressively modernizing their maritime infrastructure.
The former minister also underscored the urgent need for deeper private-sector participation, insisting that government alone cannot develop the maritime industry. According to him, Public-Private Partnerships (PPPs) remain the only viable vehicle for financing port modernisation, expanding fleet capacity, and building efficient coastal logistics systems.
“Private sector participation in Nigeria’s maritime development is still insufficient. Without private capital and expertise, we cannot modernise our ports, expand ship-owning capacity, or build a competitive blue economy,” Iheanacho stated.
He warned that Nigeria stands at a critical crossroads: it will either seize the moment to build a globally competitive maritime system or allow the sector to continue sinking under outdated structures, ineffective governance and missed opportunities.