Business
Nigeria Gives Reason For National Shipping Line Re-Establishment …Says It’s For $10bn Local Ship Charter Market
The Federal Government, through the Minister of Marine and Blue Economy, Adegboyega Oyetola, on Tuesday, explained its decision to re-establish the National Shipping Line.
He said the Ministry’s decision to consider the re-establishment of a National Shipping Line would be through a strategic Public Private Partnership (PPP) arrangement, saying, “this was borne out of our desire to capture a substantial share of the estimated $10billion annual ship charter market within the country”.
Oyetola, who was speaking at the Ministry’s first Stakeholders’ Roundtable Engagement on Advancing Sustainable Development in Nigeria’s Marine and Blue Economy sector, held in Lagos, assured local players that his initiative will not impede the growth of local players.
He said it would rather provide an avenue for them to create and extract more value from the sector, especially through ship construction, maintenance, and repairs.
“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 Cabotage Act, which gives Nigerians the exclusive right to control locally generated seaborne trade.
“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”, the Oyetola stated.
According to the minister, 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.
He noted that the model, a collaborative synergy between the private sector’s efficiency and the public sector’s oversight, will bring about transformative impact on the marine and blue economy.
He said it will also 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.
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