![Olisa Agbakoba (SAN). [PHOTO CREDIT: Olisa Agbakoba Legal Official website]](https://crediblenewsng.com/wp-content/uploads/2025/04/images-1.jpg)
Senior Advocate of Nigeria, Dr. Olisa Agbakoba, has called for urgent and sweeping reforms in Nigeria’s maritime sector, suggesting nine new laws and review of seven to unlock what he describes as a massive N70 trillion annual revenue opportunity.
Agbakoba, who is the Senior Partner at Olisa Agbakoba Legal, made the recommendations in a detailed letter addressed to the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola. The letter, dated November 30 and shared with the News Agency of Nigeria, detailed what he calls a “revenue revolution roadmap” for positioning the maritime sector as Nigeria’s next major economic engine after oil and gas.
According to him, despite its enormous potential, the maritime industry remains Nigeria’s most underutilised economic asset. He noted that a comprehensive legislative overhaul supported by institutional reforms is the key to unlocking the projected N70 trillion in annual revenue.
Agbakoba listed proposed new laws including the Ports and Inland Waterways Development Act, Marine Spatial Planning Act, Sustainable Fisheries and Aquaculture Act, Marine Pollution Control and Climate Adaptation Act, Coast Guard Establishment Act, and the Maritime Security and Piracy Suppression Act. He also recommended the creation of a Legal Framework for Maritime Autonomous Surface Ships , an Electronic Bill of Lading Framework, and a Blue Economy Act.
The seven existing laws recommended for amendment include the NIMASA Act (2007), NPA Act (1999), NIWA Act (1997), Cabotage Act (2003), Merchant Shipping Act (2007), Petroleum Industry Act (2021), Exclusive Economic Zone (EEZ) Act (1978), and the Sea Fisheries Act (1992).
To support the legislative overhaul, Agbakoba proposed the establishment of new institutions such as a National Blue Economy Commission, a Marine Pollution Task Force, specialised maritime courts, and stronger inter-agency collaboration.
He argued that the maritime industry holds the potential to rival or even surpass petroleum revenue if properly regulated and managed, adding that decisive implementationrather than more policy formulation is what Nigeria now urgently requires.
Agbakoba pointed to earlier projections by the Nigerian Institution of Marine Engineers and Naval Architects, NIMENA, which estimated that the maritime sector could contribute up to $44 billion (about N70 trillion) annually with improved governance.
He identified several key revenue-generating pillars:
Nigeria loses an estimated N20 billion daily as cargo is diverted to neighbouring ports in Cotonou, Tema, and Lomé due to inadequate port infrastructure. Agbakoba stressed that enacting the Ports and Inland Waterways Development Act, alongside amending the NPA and NIWA Acts, would modernise Nigerian ports and unlock revenues from tariffs, handling charges, logistics services, and special economic zones.
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He lamented that many inland waterways remain unused or non-functional. Dredging the River Niger and River Benue, he said, would create a functional multimodal transport network that reduces road congestion and generates revenue from tolling, ferry operations, and tourism activities.
More than 25,000 foreign vessels reportedly operate illegally along Nigeria’s coastal waters. Strengthening the Cabotage Act would help reclaim this revenue, create jobs, and expand opportunities for local shipowners and seafarers.
Agbakoba revealed that Nigeria currently collects no taxes from oil rigs operating in its territorial waters. Amending the NIMASA Act could introduce a taxation system that immediately captures this revenue stream.
He noted that over one billion dollars in maritime legal services, insurance, banking, and logistics flows to foreign companies yearly. Enforcing local content compliance and establishing a Maritime Development Bank would repatriate this value chain.
While acknowledging the Deep Blue Project’s success in reducing piracy by 30 percent, Agbakoba insisted that only a functional coast guard can fully secure Nigeria’s maritime domain. Improved security, he added, would lower insurance premiums by 40 percent, attract international shipping, and boost coastal tourism.
He warned that the International Maritime Organisation will mandate autonomous ships technology by 2028. Early adoption through proper legal frameworks would position Nigeria as a regional hub for digital maritime services and innovations.
Agbakoba emphasised that Nigeria already has a national policy framework to support the reforms. What remains, he said, is strong political will and swift execution to actualise Nigeria’s rise as a global maritime power.
