The Minister of Marine and Blue Economy, Adegboyega Oyetola, has revealed plans to re-establish a National Shipping Line through Public-Private Partnership (PPP) to tap into the potential of the industry and generate an estimated $10 billion in annual revenue.
Speaking at the inaugural stakeholders roundtable on Advancing Sustainable Development in Nigeria’s marine and blue economy in Lagos, Mr. Oyetola outlined the ministry’s objective to capture a significant share of the lucrative ship charter market.
“This initiative aims to provide opportunities for local players to enhance value creation within the sector, particularly in ship construction, maintenance, and repairs, without hindering their growth. It will enable them to leverage the Carbotage Act, which grants Nigerians exclusive rights to control locally generated seaborne trade,” he explained.
Admitting awareness of the sector’s unique challenges, Mr. Oyetola expressed commitment to restructuring the industry.
“Though our ministry is new, we are dedicated to fostering inter-agency collaborations, implementing initiatives to promote port efficiency, cargo shipment, maritime security, and harnessing seabed resources,” he assured.
He added, “This roundtable marks the beginning of a series of engagements to promote harmonious synergy among industry stakeholders, ensuring safety, reliability, and sustainability. It will provide a platform for industry players to shape a roadmap that advances the sector’s potential, promotes sustainable blue economy investments, and ensures global competitiveness.”
Highlighting the agenda of the roundtable, Mr. Oyetola stated that the discussions will cover blue governance, port operations transformation, port infrastructure enhancement, and promotion of blue economy investments.
“This roadmap aligns with our mission of developing an inclusive Marine and Blue Economy Ecosystem through policies, programmes, and initiatives that meet global best standards, positioning Nigeria as a leading maritime nation,” he affirmed.
Dr. Magdalene Ajani, Permanent Secretary, Federal Ministry of Transportation, emphasized that the event’s purpose was to share the ministry’s policy direction with the stakeholders, fostering synergy between the public and private sectors.
She underscored the significance of the maritime sector as a major revenue source, trade enabler, and key driver of economic growth and sustainable development.
“Nigeria’s vast aqua resources and extensive Exclusive Economic Zone (EEZ) make it a natural shipping and trade hub for landlocked neighboring nations in West and Central Africa,” Mrs. Ajani expounded, acknowledging the contributions of various industry players.
She further explained that the engagement aimed to create a platform for stakeholders to present their challenges and collaboratively devise solutions, promoting a sustainable, technologically advanced, and innovative maritime industry.
This strategic move by the Nigerian government reflects a proactive approach to harnessing the immense potential of the maritime sector, fostering economic growth, and positioning the nation as a competitive player in the global blue economy landscape.
