The Federal Government has recently unveiled plans to revive the National Shipping Line, anticipating a substantial boost of $10 billion to Nigeria’s economy annually. This announcement came from Adegboyega Oyetola, the Minister of Marine and Blue Economy, during a Stakeholders’ Roundtable discussion on ‘Advancing Sustainable Development in Nigeria’s Marine and Blue Economy’ held at the Continental Hotel in Lagos.
Oyetola emphasized the government’s intention to operate the Ministry of Marine and Blue Economy under a Public-Private Partnership (PPP) arrangement. This strategic move aims to formulate and implement policies that will drive significant developments in the maritime sector, fostering job creation and enhancing trade and investment in the nation.
Highlighting the potential transformation of Nigeria’s maritime sector through PPP, Oyetola stated, “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.” He clarified that this initiative is not intended to hinder the growth of local players but rather to provide opportunities for them to generate more value from the sector, particularly in ship construction, maintenance, and repairs.
The minister expressed confidence in the innovative PPP models embraced by the ministry, emphasizing the collaborative synergy between private sector efficiency and public sector oversight. He believes this approach will bring about transformative impacts on the marine and blue economy, leading to substantial job opportunities and increased trade and investment in the nation.
In addition to the economic considerations, Oyetola outlined the geographical advantages that Nigeria possesses, leveraging its expansive coastline along the Atlantic Ocean and a network of potentially navigable waterways. He emphasized the ministry’s commitment to utilizing these resources to foster sustainable economic growth.
The Permanent Secretary of the Ministry of Marine and Blue Economy, Dr. Magdalene Anjani, echoed the significance of Nigeria’s maritime sector in generating revenue, facilitating trade, and acting as a key engine for economic growth and sustainable development. She highlighted the nation’s extensive Exclusive Economic Zone (EEZ) and abundant aquaculture, positioning Nigeria as a natural hub for shipping and international trade in the West and Central African region.
Anjani acknowledged the contributions of various stakeholders in the maritime industry, including indigenous ship owners, terminal operators, freight forwarders, shipping lines, and maritime lawyers. She recognized their collective efforts in advancing the Nigerian maritime industry to its present state and emphasized the importance of collaboration for further progress.
As the government unveils plans to revive the National Shipping Line, stakeholders in the maritime sector eagerly anticipate the positive impacts on the economy, job market, and overall sustainable development. The commitment to a collaborative PPP approach reflects a forward-looking strategy that aims to maximize the sector’s potential while fostering inclusivity and growth for both local and international players.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate