Amaechi woos foreign investors to maritime sector

Citing seven investment opportunities opened to investors in the maritime industry, the Minister of Transportation, Rotimi Amaechi has wooed foreign investors to the sector.

He highlighted the investment opportunities to include automation and artificial intelligence, maritime freight and logistics services, marine tourism, maritime training, ship financing, shipbuilding and ship repairs and marine insurance.

Speaking during a paper presentation on “Investment Opportunities in the Nigerian maritime sector” at the 2021 Greek-Nigeria Chamber of Commerce and Technology Investment Summit in Athens, Greece, Amaechi said Nigeria’s maritime sector’s competitiveness against global and continental contemporaries is relatively low, hence the maritime industry in Nigeria is a fertile ground for any investor to explore.

He added that Nigeria’s oceans, seas, rivers, lakes and creeks represent major assets that will accelerate the nation’s development adding that with these resources, Nigeria is an investment destination as the most populated black nation.

Amaechi stated that the maritime industry is open to investors that will engage in the training of different professionals in the above-mentioned aspects of maritime services, as institutions of learning and consultancy firms are also welcomed.

He also rallied prospective investors to provide affordable financing models for ship owners and vessels operators, as financing remains critical for the enhancement as well as the promotion of shipping business growth and creation of corporate value.

He further added that dry docking remains a critical area of investment with over 3,500 vessels operating in Nigerian waters and largely being dry-docked outside.

He maintained that the federal government is ready to strengthen and give support to investors that will further develop and grow the industry.