Minister Oyetola Unveils Plan To Re-establish National Shipping Line For $10 Billion Market

The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced on Tuesday that the federal government is considering the re-establishment of a National Shipping Line through a strategic Public Private Partnership (PPP) arrangement…CONTINUE READING

This decision is driven by the aim to secure a significant share of the estimated $10 billion annual ship charter market within the country.

During the ministry’s first Stakeholders’ Roundtable Engagement on Advancing Sustainable Development in Nigeria’s Marine and Blue Economy sector in Lagos, Oyetola assured local players that the initiative aims to enhance the growth of the sector without impeding local players. Instead, it provides an avenue for them to generate more value, particularly in ship construction, maintenance, and repairs.

Oyetola stated, “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.”

He also highlighted the expected outcomes, including the creation of job opportunities, increased trade and investment, and a collaborative and forward-looking approach to national development.