RIPPLES NIGERIA
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.
