The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced on Tuesday that the federal government is exploring the re-establishment of a National Shipping Line through a strategic Public-Private Partnership (PPP). This decision aims to position Nigeria to claim a significant portion of the estimated $10 billion annual ship charter market within the country.

Addressing stakeholders at the ministry’s inaugural Stakeholders’ Roundtable Engagement on Advancing Sustainable Development in Nigeria’s Marine and Blue Economy sector in Lagos, Oyetola emphasized that the PPP approach is driven by the government’s commitment to fostering growth in the sector.

While assuring local players that the initiative will not hinder their progress, Oyetola emphasized that the goal is to provide opportunities for local businesses to enhance their involvement and extract more value from the industry, particularly in ship construction, maintenance, and repairs.

He 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.”

Oyetola highlighted the anticipated positive outcomes of the initiative, including the creation of substantial job opportunities and the facilitation of increased trade and investment in the nation. The minister underscored the collaborative and forward-looking approach adopted by the government in this endeavor.

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