Time to Revoke Port Concessions, Jimi Agbaje Tells Oyetola, Marine & Economy Minister

The Former Peoples Democratic Party’s (PDP’s) Governorship Candidate in Lagos State, Mr Jimi Agbaje, has charged the Minister of Marine and Blue Economy, Gboyega Oyetola, to unbundle Port Concessions that has been done in the past on order to make Nigerian Ports more competitive.

Agbaje during an interview on Arise TV, expressed concerns over the level of the nation’s port efficiency, he said Nigeria despite being Africa’s largest economy, does not have a port that ranks amongst the top ten ports on the continent.

“These ports we have in the country, we can do a lot more. A revenue generation of about $100 million annually to the federal government is peanuts. We must first get the available ports up and running. The ports business is very competitive. If we look at the ranking for ports in Africa, there is no Nigerian ports that is in the first ten. Africa’s largest economy does not even rank in the top ten in Africa,” he bemoaned.

He advised that, “Before building more ports, hitting the ground running for the Minister is to look at the present ports in Tin can and Apapa, this might be the best time to even decongest the kind of concessions they have done in the ports. The only way those ports would work is to improve the access from the sea and also to and from land. Once we can get that right, of course productivity would improve. We also have to build capacities in terms of storage, trade and logistics.”

Agbaje said the marine and blue economy is the next sector with lots of potentials for revenue generation after the digital economy.

According to him, the marine and blue economy is the lowest hanging fruit to achieve rapid economic growth.

He urged the Minister to use the next six months to one year to generate a significant amount of foreign exchange for the Nigerian economy.