• Tue. Mar 5th, 2024

Oyetola Champions Collaborative Growth In Blue Economy, Promises To Support Indigenous Ship Owners


In a bid to revolutionize Nigeria’s Marine and Blue Economy sector, Minister Adegboyega Oyetola, CON, emphasized the adoption of Public-Private Partnership (PPP) models as a strategic initiative to propel the sector’s transformation without hindering the growth of indigenous players.

During the ministry’s inaugural Stakeholders’ Roundtable Engagement on Advancing Sustainable Development in Nigeria’s Marine and Blue Economy sector, held in Lagos, the Minister highlighted the pivotal role of PPP models.

He stressed that this approach aims to facilitate increased value extraction from the sector, particularly in ship construction, maintenance, and repairs, while ensuring the inclusion and growth of local stakeholders.

The forum, dedicated to discussing and delineating a roadmap for the sector’s advancement, brought together key industry players to deliberate on strategies that would augment the industry’s potential, foster sustainable Blue Economy investments, and fortify global competitiveness.

Among the critical areas of focus during the Roundtable were enhancing Blue Governance, transforming Port Operations, upgrading Port Infrastructure, and promoting investments within the Blue Economy.

Minister Oyetola articulated the urgency of maximizing Nigeria’s marine resources for economic development and environmental sustainability, advocating for practical utilization of inland rivers, lakes, and waterways for cargo shipment and passenger transportation.

He underscored the significance of collective contributions and inputs, underscoring the alignment of the forum’s objectives with President Bola Ahmed Tinubu’s unveiled priorities, aimed at addressing national challenges and fostering economic growth, food security, energy resources, infrastructure development, security, healthcare, education, governance, and job creation.

Highlighting ongoing initiatives to enhance port efficiency, maritime security, and utilization of seabed resources, Oyetola disclosed plans for a strategic PPP-led re-establishment of a National Shipping Line. This initiative aims to harness a substantial share of the $10 billion annual ship charter market within Nigeria, ensuring the growth of local players and maximizing their potential through ship construction, maintenance, and repairs.

The Minister affirmed his commitment to surpassing current sectoral standards, pledging a continuous Stakeholders’ Engagement as a means of fostering a safe, reliable, and sustainable industry.

He reiterated his resolve to leave behind a transformed and prosperous Marine and Blue Economy sector for Nigerians.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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