Nigeria moves to capture $10bn ship charter market with return of national shipping line

The Minister of Marine and Blue Economy, Gboyega Oyetola has disclosed that Nigeria is moving to capture a substantial share of the estimated $10 billion annual ship charter market within the country, hence the decision to reestablish a National Shipping Line.

The National Shipping Line, according to the Minister will be re-established through a Public Private Partnership (PPP) arrangement.

The Minister made this known at the inaugural Stakeholders’ Roundtable Engagement on Advancing Sustainable Development in Nigeria’s Marine and Blue Economy sector, organised by the ministry in Lagos.

Oyetola said the initiative of the national shipping line will not in any way impede the growth of local players but rather provide an avenue for them to create and extract more value from the sector, especially through ship construction, maintenance, and repairs.

In addition, this would enable 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.

“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.

“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.

“Other 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” he said.

Speaking on, the minister disclosed that the forum was convened to bring together players in the sector to discuss and chart a roadmap/direction that will advance the industry’s potential, promote sustainable Blue Economy investments and ensure global competitiveness within the sector.

READ ALSO: Lekki Deep Sea Port to commence operations 2023 – Sanwo-Olu

He noted that the PPP model, a collaborative synergy between the private sector’s efficiency and the public sector’s oversight, will bring about a transformative impact on the marine and blue economy as well as boost the creation of substantial job opportunities and the facilitation of increased trade and investment in the nation, reinforcing the ministry’s collaborative and forward-looking approach.

“Nigeria is indeed a Jewel in Africa. With her expansive coastline stretching over 853 kilometers along the Atlantic Ocean and a network of potentially navigable waterways covering 10,000 kilometers across 28 of her 36 states, Nigeria’s Marine and Blue Economy stands as a pivotal sector to foster sustainable economic growth of the nation”.

By Babajide Okeowo

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now