David Oladimeji
A maritime expert, Dr Kayode Collins Farinto, has called on the Federal Government to reposition the nation’s maritime sector to generate at least ₦3 trillion annually through the blue economy.
Farinto, who is the Chairman/Chief Executive Officer of Wealthy Honey Investments Nigeria, made the call while speaking on the theme: “Raising National Awareness on the Significance and Economic Potential of the Blue Economy.”
He said Nigeria possesses vast aquatic resources, inland waterways and coastal assets capable of significantly boosting national revenue if properly harnessed.
According to him, the blue economy, if strategically developed, could rival the revenue profile of the Nigeria Customs Service.
Farinto commended President Bola Tinubu for creating the Ministry of Marine and Blue Economy, describing the move as a step in the right direction.
He, however, noted that more decisive action and policy implementation were required to unlock the full economic potential of the sector.
The maritime stakeholder expressed concern over what he described as increasing foreign dominance in the maritime and freight forwarding industries.
He warned that Nigeria was losing substantial revenue to foreign operators and called for urgent measures to strengthen indigenous participation.
Farinto recalled that during his time on the Governing Council of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), he proposed the indigenisation of freight forwarding to safeguard local interests.
He said the Cabotage Vessel Financing Fund managed by the Nigerian Maritime Administration and Safety Agency (NIMASA) should be properly implemented to increase indigenous vessel ownership.
According to him, improved access to the fund could generate over ₦1 trillion annually and strengthen Nigeria’s maritime capacity.
Farinto also urged government to equip marine police with operational speed boats and surveillance tools to enhance monitoring of inland waterways.
He decried the underutilisation of river ports, stating that investments made in the past had not translated into tangible economic value.
The expert further called for increased research funding, media advocacy and curriculum reforms to align Nigeria’s blue economy framework with global best practices and Sustainable Development Goals.
In a welcome address, Founder and Convener of the Nigerian Economic Growth Forum (NEGF), Adisa Y. Olamilekan, described Farinto as a distinguished maritime professional whose contributions have positively impacted national economic development.
