The World Shipping Council (WSC) has disclosed that countries around the world, including Nigeria, transport a whopping $7tn worth of goods via the sea route annually. This impressive figure is almost 80% of the total global trade volume, with Asia leading the pack as the largest regional contributor.
According to the WSC, the sea route is not only the most cost-effective way of transporting goods, but it is also the most eco-friendly option. As the world economy continues to grow, the demand for sea transport is also increasing.
However, this increased demand has its downside, as there has been a rise in maritime accidents and environmental mishaps. To address this issue, the WSC has introduced several initiatives, including the development of new technology, greater investment in safety and environmental protection measures, and more extensive training for seafarers.
In Nigeria, the need for a more significant investment in the shipping industry cannot be overemphasized. It is a sector with great potential, but it has been plagued by neglect and inefficient policies. The country is home to Africa’s largest economy and population, making it a significant player in the global trade market. Therefore, there is a need for the government to focus on creating policies that will encourage private sector investment in the shipping industry.
Furthermore, there is a need to address the security challenges that have recently plagued the country’s waterways. Piracy and other forms of criminal activities have hampered the growth of the shipping industry, leading to increased insurance costs and a reduction in the number of ships calling at Nigerian ports.
In conclusion, the WSC report serves as a reminder that the shipping industry plays a critical role in global trade. It also highlights the need for all stakeholders, including governments and private sector players, to work together towards ensuring that the industry operates sustainably and efficiently. Nigeria, being a significant contributor to the global shipping industry, must improve its investment and regulatory policies to ensure that it remains competitive.