The financial crunch currently hitting hard on the country can be eased with domestic solutions, provided President Bola Ahmed Tinubu could wade into the port downsides and rejuvenate the nation’s trade gateways.
The Federal Government, in its Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) 2024-2026 is planning to borrow N26.42 trillion loans between 2024 and 2026.
Economic experts believe that rather than continuous borrowing, the nation should look inwards and develop sustainable wealth creation strategies that would strengthen its economy and improve the standard of living of its people.
The Nigerian Shippers’ Council (NSC) had estimated that the establishment of a national fleet of vessels in Nigeria is expected to yield over $9.1 billion (about N7. 2 trillion) yearly in freight revenue.
However, the former Minister of Information and Culture, Alhaji Lai Mohammed, also revealed that the nation would earn revenue of over $201 billion (about N160.8 trillion) in 45 years from the Lekki Deep Sea Port.
Meanwhile, the existing seaports – Lagos Port Complex and Tin Can Island Port in Lagos; Calabar Port, Delta Port, Rivers Port at Port Harcourt, and Onne Port generated N361 billion for the Nigerian Ports Authority (NPA) alone last year, notwithstanding their poor states.