FG considers re-establishment of National Shipping Line, projects $10 billion revenue yearly

The Federal Government has announced that it is considering re-establishing a National Shipping Line that is projected to add $10 billion dollars to Nigeria’s economy yearly.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, made this known on Tuesday at the Continental Hotel, Lagos, during a Stakeholders’ Roundtable discussion on ‘Advancing Sustainable Development in Nigeria’s Marine and Blue Economy’.

The minister explained that the Ministry of Marine and Blue Economy will operate on the Public-Private Partnership (PPP) arrangement to deliver strategies and policies that will drive developments in the maritime sector of the economy.

Furthermore, Oyetola pointed out that Nigeria’s minister maritime sector can be transformed through the PPP arrangement to bring about positive impacts such as job creation and improved trade and investment in the nation.

“Let me add that 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 provide an avenue for them to create and extract more value from the sector, especially through ship construction, maintenance, and repairs.

“I believe we can transform this sector through the innovative Public-Private Partnership (PPP) models that the ministry has embraced. This model, a collaborative synergy between the private sector’s efficiency and the public sector’s oversight, is set to bring about a transformative impact on the marine and blue economy. 

“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 minister said.

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Oyetola also disclosed that the ministry, under his leadership, will play a crucial role and take advantage of the country’s expansive coastline along the Atlantic Ocean and a network of potentially navigable waterways to foster sustainable economic growth in the nation.

In her remarks, the Permanent Secretary, Ministry of Marine and Blue Economy, Dr. Magdalene Anjani, pointed out that Nigeria’s 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.

“Nigeria is blessed with so much aquaculture and so has an extensive Exclusive Economic Zone (EEZ), making it a natural hub for shipping and international trade for most landlocked neighbouring nations in West and Central African region.

“Our maritime industry is also blessed with many experts, including captains of maritime industries, indigenous ship owners, terminal operators, freight forwarders, shipping lines, barge operators, maritime lawyers, stevedoring companies, women groups, etc, who are in this hall today and have paid huge sacrifices in advancing the Nigerian maritime industry to its present state,” she noted.