National Shipping Line: Ministry Eyes $10bn Annual Ship Charter Market

Harboursandport.com: Lagos - The Minister of Marine And Blue Economy, Adegboyega Oyetola, has said that the Federal Government will commence rerefloating of a National Shipping Line, through a strategic Public, Private Partnership (PPP) arrangement, borne out of the desire to capture a substantial share of the estimated $10 billion annual ship charter market within the country.

Oyetola said the initiative will not seek to 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.

He Said this at the stakeholders round-table engagement on "Advancing Sustainable Development In Nigeria's Marine And Blue Economy,"

His words: "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. 

"I am aware that the sector is very vast with its unique challenges. Nevertheless, let me assure you that I am committed to bequeathing to Nigerians a better sector than we have met today. 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.

"It is worth noting that this Engagement Forum is crucial to the development of the sector as it offers an opportunity for us all to collectively contribute our perspectives, ideas and offer relevant inputs that can propel the sector to the trajectory of success necessary to support the development of the economy as well as meet the expectations of Mr President who took the courage to open up Nigeria to focus on the Blue Economy Value Chain.

"The zeal for a better life for Nigerians propelled President Bola Ahmed Tinubu GCFR to recently unveil 8 Presidential Priorities to address critical national challenges. These priorities are to be delivered through 8 focus areas, namely: economic growth, food security, energy and natural resources, infrastructure development, security, healthcare, education, improved governance, and job creation.

"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.