The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, convened a crucial Stakeholders’ Engagement with ship owners and operators at the Eko Hotels and Suites in Victoria Island, Lagos. The morning session, held from 10:00 AM to 12:00 PM, focused on shaping the future of Nigeria’s maritime sector amidst global trade and economic uncertainties.
In his opening remarks, Minister Oyetola emphasized the pivotal role of the marine and blue economy sector in driving national economic growth and development. He highlighted the government’s commitment to creating a supportive environment for businesses within this sector, acknowledging the significant contributions of ship owners and operators to trade, transportation, and job creation.
The Minister addressed the various challenges faced by stakeholders, including safety, security, regulatory hurdles, and market fluctuations. He reassured attendees of the government’s resolve to tackle these issues and enhance operational conditions for the maritime industry. He noted that efforts to improve efficiency, transparency, and competitiveness in the sector were already producing positive outcomes.
Minister Oyetola praised the Nigerian Maritime Administration and Safety Agency (NIMASA) Act for its role in promoting safety standards, enforcing regulations, and boosting investor confidence. He announced that the government is exploring fiscal and trade policies to increase Nigerian participation in the shipping industry. A key initiative is the planned disbursement of the Cabotage Fund to support the growth and development of local shipping businesses.
The Minister stressed the need for a holistic approach to the shipping industry, encompassing investments in fleet, regulatory improvements, upscaling local manpower and capacities, and enhancing operational efficiencies. He called for collaborative efforts among regulators and stakeholders to streamline processes and improve efficiency, aiming to reverse unfavorable trade terms for the benefit of Nigeria’s economy.
In conclusion, Minister Oyetola urged all participants to engage in frank and constructive dialogue, aiming to renew collective hope and aspirations for the industry. He encouraged the forging of partnerships, fostering of innovation, and a collective drive towards a prosperous and sustainable blue economy in Nigeria.
The engagement session was attended by key industry players and officials, including representatives from various regulatory bodies and tactical units.