By Francis Ugwoke
At such a time of dwindling oil fortunes and resultant effect on the economy, the nation’s maritime industry is considered as key in filling some gaps.
This is even more so with the sector being adjudged as next to oil in contribution to the economy.
In the past few years, the sector has been generating at least about N3 trillion each year.
And this is formally. Informally, the sector could be raking over N4 trillion every year or more. This is if all the fraudulent practices in terms of under-declarations or under-invoicing and outright concealment being perpetrated by importers, customs agents and shipping agents are addressed. Capacity of the law enforcement agents to address issues of smuggling will also lead to increase in revenue generation from the sector.