FG Plans Re-establishment of Shipping Line, Seeks Partaking in $10b Ship Charter Market

The Federal Government is considering the re establishment of a national shipping line to deepen Nigeria’s participation and expand citizens’ opportunity in the nation’s marine and blue economy sector.

Minister of Marine and Blue Economy, Adegboyega Oyetola who said this in Lagos on Tuesday at his maiden meeting with maritime industry stakeholders, said his ministry

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According to the minister , the national line which will be a collaboration between the public and private sectors, will contribute to national economic development and sustainability

He allayed fears that the initiative will impede the development of private players but would expand their access to more opportunities to utilize the Cabotage Act for development.
Nigeria, according to the minister , aims at benefitting from the estimated annual $10b ship charter market.

Oyetola said “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. This would enable our local businesses to better leverage the Carbotage Act, which gives Nigerians the exclusive right to control locally generated seaborne trade.

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“To actualise these Priorities, our Ministry has also moved a step further by putting up this Roundtable so that we can harvest ideas that would form part of our roadmap and policy direction. This is why today we will be looking at such areas like Strengthening the Blue Governance; Transforming Port Operations; Enhancing Port Infrastructure; and Promoting Blue Economy Investments.

“This roadmap is designed in such a way as to enable our Ministry fulfil its mission of formulating and implementing policies, programmes and initiatives that will facilitate the development of an inclusive Marine and Blue Economy Ecosystem, driven by an operating environment that meets global best standards as well as fulfil its vision of positioning Nigeria as a premier Maritime Nation by utilising the potential of its blue economy to diversify revenue, assure sustainable development and cultivate environmental stewardship” he said

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While describing The meeting as an avenue to achieve harvesting of ideas,the minister said their is an urgent need for the public and private sectors to work together to harness the country’s marine potentials.

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Joshua Okoria

Joshua Okoria is a Lagos based multi-skilled journalist covering the maritime industry. His ICT and graphic design skills makes him a resourceful person in any modern newsroom. He read mass communication at the Olabisi Onabanjo University and has sharpened his knowledge in media practice from several other short courses. 07030562600,

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