Oyetola: FG considering national shipping firm through PPP arrangement

Adegboyega Oyetola, minister of marine and blue economy, says the federal government is considering the re-establishment of a national shipping line.

The minister said the creation of the national shipping firm would be through a strategic public-private partnership (PPP) arrangement.

Oyetola said the move was aimed at capturing a substantial share of the estimated $10 billion annual ship charter market within the country.

He said this at the 2023 Abuja investment summit and expo, according to a statement by Ismail Omipidan, the minister’s spokesperson.

The minister, who was represented at the event by Busayo Fakinlede, his technical aide, also unveiled the ministry’s strategic plans to redefine the marine and blue economy sector for sustainable national socioeconomic growth and development.

He said his ministry was working toward creating two million jobs every year through strategic development within the sector.

Oyetola said he planned to transform the marine and blue economy sector into a significant contributor to the nation’s economy.

He added that this was also aimed to match the gross domestic product contribution of the oil and gas sector within the next four years.

“In Nigeria, experts further noted that the untapped potential within the marine and blue economy sector is estimated to be a staggering $296 billion,” the minister said.

“Recognising this immense opportunity, we are committed to driving forward with policies and initiatives that aim to unlock this latent value.

“Our ambitious goal is to generate up to $20 billion annually and create about 2 million jobs on an annual basis through strategic development within this sector.

“We aspire for the marine and blue economy to become a substantial contributor to our nation’s economy, with a target to at least match the GDP contribution of the oil and gas sector within the next four years.”

According to Oyetola, there are ongoing efforts to further implement a comprehensive plan that includes the expansion and optimisation of ports, infrastructure refurbishment, and the development of deep-sea ports, amongst others.

“Our commitment to the development of inland waterways is unwavering,” Oyetola said.

“We aim to link all regions of the country through our inland waterways by exploring PPP arrangements that would facilitate the attraction of foreign direct investment (FDI) to the inland waterways.”

Oyetola also said the ministry is pursuing its goal of generating $20 billion annually.