Investment windows are open in Nigeria’s maritime industry, Amaechi tells foreign investors

Rotimi Amaechi, minister of transportation, has called on foreign investors to invest in critical areas of Nigeria’s maritime industry, adding that investment windows are currently open.

Eric Ojiekwe, his director of press and public relations, said this in a statement on Tuesday.

The statement added that Amaechi disclosed this in his paper presentation titled, “Investment Opportunities in Nigeria’s Maritime Sector” at the 2021 Greek-Nigeria Chamber of Commerce and Technology Investment Summit in Athens, Greece.

The minister also outlined seven areas in which investment opportunities were currently available for investors to venture.

“Nigeria’s maritime sector’s competitiveness against global and continental contemporaries is relatively low. Therefore, the maritime industry in Nigeria is a fertile ground for any investor to venture into,” he said.

“You may wish to know that investment windows are open in the Nigerian maritime industry.

“These investment opportunities include the automation and artificial intelligence in the maritime industry.

“Maritime freight and logistics services, marine tourism, maritime training, ship financing, shipbuilding, and ship repairs, and marine insurance.”

According to the minister, the ample water resources in the nation would contribute significantly to economic growth.

“Nigeria’s oceans, seas, rivers, lakes, and creeks represent major assets that will accelerate the nation’s economic development,” Amaechi said.

“With these resources, Nigeria is an investment destination and as the most populated black nation. Nigeria is also using this avenue to call on foreign investors into the country.

“Nigeria’s tourism potential is huge and capable of contributing to the GDP.”

He added that Nigeria had formulated policies that had resulted in a positive impact on the nation, one of which is the ongoing efforts to establish the Regional Maritime Development Bank, headquartered in Abuja.

He reiterated that the maritime industry was open to investors that would develop the capacity of professionals in the above-mentioned aspects of maritime services.

“Nigeria’s maritime industry forecast states that government intervention in the sector is essential to source funding required to unlock the acquisition of these Maritime assets,” he added.

“However, prospective investors are invited to provide affordable financing models for ship owners and vessels operators.

“Financing remains critical for the enhancement as well as the promotion of shipping business growth and creation of corporate value.”