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Nigeria – Rising Maritime Power or Sleeping Giant. Dr Alban Igwe. LLM, FCILT

Nigeria is often referred to as the Giant of Africa owing to its large population and economy and is an emerging market by the World Bank. Notably, the features that project Nigeria as the “Giant of Africa” include the vastness of its land, the diversity of its peoples and languages, its huge population (the largest in Africa), its maritime potentials (350 nautical miles Exclusive economic zone), its oil and natural resources and its geographic and logistics advantage.

    The share of open registry ships operated under a “flag of convenience” grew substantially after WWII. They accounted for 5% of world shipping tonnage in 1950, 25% in 1980, 55% in 1995, and 72% in 2021. The usage of a flag of convenience refers to a beneficial national owner choosing to register one or more vessels in another nation in order to avoid higher regulatory and manning costs. This enables three types of advantages for the shipowners: regulation, registry costs and operating costs. Where is our blue economy road map?

    1. Oil and Natural resources.

    Nigeria is a natural logistics hub. How can we actualize this potential?

    1. The Sleeping Giant

    Life is about choices and actions. How can we awake Nigeria?

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