NIMASA forecasts 5% growth for maritime sector

NIMASA DG Dakuku Peterside

The Nigerian maritime industry has been projected to grow by 2.5 – 5 % between 2018-2019, according to a Nigerian maritime industry forecast for issued on Tuesday by the Nigerian Maritime Administration and Safety Agency (NIMASA). 

The Director General of NIMASA, Dakuku Peterside said the projected increase in demand for maritime services in Nigeria would account for the increase during the period.

The forecast, 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 maritime industry Forecast is intended to serve as a compass for local and international stakeholders willing to do business in the Nigeria maritime domain.