Expert: Nigeria Needs More Ports for $1 Trillion Economy

Kingsley Eze, a transport analyst and Founder of Nairaxi, asserted that Nigeria's ambition of becoming a $1 trillion economy is unattainable without decentralizing port operations and expanding active ports beyond Lagos. During an interview on Trust TV’s Business Daily, Eze highlighted that the country's reliance on Lagos for cargo clearance increases logistics costs, raises goods prices, and hampers economic activities in other regions.

He noted that while Port Harcourt is operational, additional ports in strategic locations like Warri, and dredging inland waterways around Onitsha and Lokoja, are essential to alleviate pressure on Lagos and enhance cargo operations. Eze pointed out that logistics can account for over 20% of imported goods' costs, and decentralizing port operations would lower transport costs and boost business competitiveness.

He urged the federal government to foster an environment for private investment in port development, emphasizing that the government alone may lack the resources for necessary infrastructure. Investments in roads, rail, and waterways should complement port expansion to support Nigeria's long-term economic growth.