Nigeria could earn as much as ₦70 trillion a year from its maritime assets if the government embarks on an ambitious overhaul of the legal framework governing the blue economy, senior lawyer Dr Olisa Agbakoba (SAN) has told the Ministry of Marine and Blue Economy.
In a detailed policy letter sent to Minister Adegboyega Oyetola on 30 November, Agbakoba described the maritime industry as an “untapped economic giant” capable of rivaling oil earnings while generating millions of jobs. The document, released to the News Agency of Nigeria, outlines a legislative roadmap that he believes could transform the sector into one of the country’s most important revenue engines.
His plan calls for nine new laws — ranging from sustainable fisheries to maritime pollution control and a dedicated act for autonomous vessels — as well as amendments to seven core maritime and petroleum-related laws. Agbakoba argued that without modern statutes, Nigeria’s ports, inland waterways and coastal economy will continue to underperform.
He warned that inefficiencies and under-regulation currently allow billions to slip away each year. Poor port infrastructure pushes cargo to neighbouring ports in Benin, Togo and Ghana, costing Nigeria an estimated ₦20 billion daily. In addition, more than 25,000 foreign vessels reportedly operate on Nigeria’s coastline without complying with cabotage laws, draining potential earnings from local shipping operators.
Agbakoba said the government could generate ₦14 trillion annually from port reforms, ₦10–12 trillion from inland waterways, and ₦8 trillion from enforcement of cabotage rules. He added that offshore oil rigs, which presently attract no Nigerian tax, represent a further ₦6 trillion in unrealised revenue.
Beyond regulation, he proposed the establishment of new institutions — including a blue economy commission and specialised maritime courts — to streamline governance and eliminate overlapping mandates among maritime agencies.
He also pointed to security as a persistent obstacle, despite progress made by the Deep Blue Project. Only a dedicated coast guard, he argued, would provide the level of maritime protection needed to encourage more international shipping and reduce insurance costs by up to 40 per cent.
Looking ahead, Agbakoba urged Nigeria to prepare for the coming wave of autonomous shipping technologies, which the International Maritime Organisation is expected to regulate more extensively by 2028. With the right legal environment, he said, Nigeria could position itself as a regional centre for digital maritime services.
The Nigerian Institution of Marine Engineers and Naval Architects previously projected that the maritime industry could contribute around US$44 billion to the national economy with the right reforms. Agbakoba said this confirms that the path to substantial growth already exists — what remains is political will and implementation.
