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‘Maritime can generate N3tr yearly’

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The Federal Government can make over N3trillion yearly from the maritime sector, if it is well structured, a top Federal Ministry of Finance official has said.

The official, who asked not to be named, urged President Muhammadu Buhari to invest part of the money generated from the sector because of dwindling oil revenue. He said 30 per cent of the revenue generated from the Lagos Port Complex (LPC) and the Tin Can Island ports should be ploughed back into developing the seaports to international standards.

Speaking with The Nation after the visit of the Senate Committee to the Lagos ports last week, the official said there has been a reduction in the number of vessels calling at Lagos ports, saying the problem has to do with some policies on importation.

“It would be recalled that in 2006, $1 exchanged for about N130, but today it is about N360 to a dollar, which implies a significant decline of about 70 per cent in the value of the national currency since port concession, and that is why the Minister of Transport needs to reposition the maritime sector,” he said.

The Nation, December 11, 2018

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