Nigeria, as the biggest economy in Africa, has consistently pursued methods to broaden its sources of income and decrease its reliance on oil exports. A potential opportunity for generating revenue lies in re- establishing its national shipping line. Through the re-establishment of a state-owned shipping company, Nigeria can access the profitable global shipping industry and enhance its earnings through freight charges, container leasing, and other associated services. Primarily, a national shipping line would grant Nigeria control over its maritime trade and lower the expenses of imports and exports. Presently, Nigerian businesses heavily depend on foreign ships.
At the maiden stakeholders roundtable engagement on Advancing Sustainable Development in Nigeria’s marine and blue economy, the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, said the ministry will consider the re-establishment of a National Shipping Line through the Public-Private Partnership (PPP) arrangement. According to him, the ministry took this action in an effort to gain a sizable portion of the $10 billion yearly ship charter market. In areas like blue governance, port operations transformation, port infrastructure enhancement, and blue economy investment promotion, Oyetola said the roundtable would gather ideas to create a roadmap and policy directions.
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“ This will enable our local businesses to better leverage the Carbotage Act, which gives Nigerians the exclusive right to control locally generated seaborne trade.” “Our ministry, though new, is not resting on its oars and has continued to foster inter-agency collaborations and implement initiatives to promote port efficiency, cargo shipment, maritime security and tap into the resources of the seabed” .he said.
According to him, the roadmap is designed in a way to enable the ministry to fulfill its mission of formulating and implementing policies, programmes and initiatives that will facilitate the development of an inclusive Marine and Blue Economy Ecosystem. He noted that ecosystem will be driven by an operating environment that meets global best standards as well as fulfill its vision of positioning Nigeria as a premier maritime nation,
Also speaking, Dr Magdalene Ajani, the Permanent Secretary, Federal Ministry of Transportation, said the event was designed to showcase the policy direction of the Ministry of Marine and Blue Economy. Ajani added that it was organsied to share the blueprint of operations of the new ministry to the stakeholders. She noted that the event would develop the much-needed synergy between the private and the public sectors. According to Ajani, 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.
