The Federal Government of Nigeria is set to re-establish a National Shipping Line that will serve as front-line in internally generated revenue (IGR) to the tune of Ten (10) Billion U.S Dollars annually.
This much was disclosed by the Minister of Marine and Blue Economy, Adegboyega Oyetola, during a Stakeholders Roundtable discussion on Advancing Sustainable Development in Nigeria’s Marine and Blue Economy, held at the Continental Hotel in Lagos.
Oyetola maintained that the new Ministry will operate on the Public Private Partnership (PPP) arrangement to fashion out strategies and policies that will drive developments in the maritime sector of Nigeria’s economy.
The minister further stressed that the sector can be transformed through the PPP models of collaborative synergy between the private sector’s efficiency and the public sector’s oversight.
His words: “Let me add that the ministry’s decision to consider the re-establishment of a National Shipping Line, through a strategic PPP arrangement, is borne out of our desire to capture a substantial share of the estimated $10 billion annual ship charter market within the country. Let me hasten to say that this initiative will not seek to impede the growth of local players but rather to provide an avenue for them to create and extract more value from the sector, especially through ship construction, maintenance, and repairs.
“I believe we can transform this sector through the innovative Public-Private Partnership (PPP) models that the ministry has embraced. This model, a collaborative synergy between the private sector’s efficiency and the public sector’s oversight, is set to bring about transformative impact on the marine and blue economy.
Anticipated outcomes include the creation of substantial job opportunities and the facilitation of increased trade and investment in the nation, reinforcing our collaborative and forward-looking approach.”
Oyetola pointed out that in line with Mr. President’s Eight Presidential Priorities to address critical challenges, the Ministry will play a crucial role and take advantage of Nigeria’s expansive coast line stretching over eight hundred and fifty three (853) kilometres along the Atlantic Ocean and a network potentially navigable waterways covering ten thousand kilometres (10,000km) across the Twenty Eight (28) of her 36 States to foster sustainable economic growth of the nation.
He urged the stakeholders to put in their best and come out with actionable ideas and blue print to transform the sector.
On her part, the Permanent Secretary, Ministry of Marine and Blue Economy, Dr. Magdalene Anjani noted that Nigeria’s maritime sector is blessed with vast potentials of both natural and human resources that can drive economic development in Nigeria.
“Distinguished guests, Ladies and Gentlemen, the Maritime Sector is a major source of revenue earnings for the country, an enabler of trade and a key engine of economic growth and sustainable development”
In more of the permanent secretary’s words: “Nigeria is blessed with so much aquaculture and so has an extensive Exclusive Economic Zone (EEZ), making it a natural hub for shipping and international trade for most landlocked neighboring nations in West and Central African region.
” Our Maritime industry is also blessed with many experts including captain of maritime industries, indigenous ship owners, terminal operators, freight forwarders, shipping lines, barge operators, maritime lawyers, stevedoring companies, women groups etc who are in this hall today and have paid huge sacrifices in advancing the Nigerian Maritime Industry to its presence state.” She stated.
Olujimi A. Oyetomi
Director, Press & Public Relations