Maritime expo set to revive Nigeria’s economy as oil revenue dwindles

Following the fall in crude price at the international market, which has also resulted to decline in oil revenue, this year’s edition of the annual Nigeria Maritime Expo (NIMAREX) has perfected plans to bring into the limelight the need to revive Nigeria’s economy through diversifying into other sectors’ potentials, especially maritime.

The annual event slated for April 27 to 29 this year, will bring together policy makers and key economic players to form part of the discourse on this mission of economic regeneration, which this year’s expo wants to achieve.

“The event will attract principal actors in the economic landscape of Nigeria, especially those that formulate economic policies for the country like the minister of finance, who is the head of the Economic Team, governor of the central bank or his representative and industry stakeholders, who have invested in the maritime industry including those that have the capacity to invest more to grow the industry for the benefit of Nigerians,” said Omogbai Omo-Eboh, the coordinator of Intellectual and Strategy Sub-Committee of the NIMAREX 2015 planning committee.

He said: “We believe that the theme of this year’s expo, ‘Regenerating Economic Growth through the Maritime Sector,’ is quite apposite because we need to realign Nigerian economy because the economy has been a mono-dependent economy for too long, in the sense that we have depended largely on crude oil revenue. Currently, as the price of crude oil is taking a nose dive in the international market with its attendant consequence on government’s income stream and revenue profile, the nation needs to develop multiple means of generating income.”

Omo-Eboh, who noted that government was also looking at other sources of generating income for the effective running of the country, also said the nation’s maritime industry presented a very good opportunity and potentials that were yet to be tapped.

Omo-Eboh, who is also the president of the Maritime Arbitrators Association of Nigeria (MAAN), said the paper presentations would cover the need to reposition the nation’s economy for multiple revenue sources. It was important, according to him, to regenerate Nigeria’s economic growth through the maritime sector, which the papers and topics were aligned to address.