The Federal Government of Nigeria is exploring the possibility of re-establishing a National Shipping Line, which could add $10bn to the nation's economy annually.
Adegboyega Oyetola, the Minister of Marine and Blue Economy, speaking at a Stakeholders' Roundtable in Lagos, said that the government plans to boost development in the maritime sector through a Public-Private Partnership (PPP). The focus is on creating jobs and boosting trade and investment.
The plan to revive the National Shipping Line through a strategic PPP aims to seize a substantial portion of the country's huge annual ship charter market. Oyetola emphasised that the goal is not to hinder local players but to create opportunities for them to gain more value, especially in ship construction, maintenance, and repairs.
Magdalene Anjani, the Permanent Secretary of the Ministry of Marine and Blue Economy, stressed the importance of Nigeria's maritime sector in generating revenue, facilitating trade, and driving economic growth and sustainable development.
“Nigeria is blessed with so much aquaculture and so has an extensive Exclusive Economic Zone (EEZ), making it a natural hub for shipping and international trade for most landlocked neighbouring nations in West and Central African region,” she said.
Related Articles
Angola to begin production at country’s first major copper mine in Uíge Province this year
Angola will begin copper production at the Mavoio–Tetelo project in Uíge Province later this year, marking the country’s first large-scale copper mine and a milestone in efforts to diversify its ... more
Egypt reports multiple oil and gas discoveries in New Delta, Eastern and Western Deserts
Egypt’s Ministry of Petroleum and Mineral Resources has announced 18 new oil and gas discoveries across the New Delta, Eastern Desert, and Western Desert, marking one of the strongest exploration ... more
West African Development Bank (BOAD) sets new record with €1bn, 15-year eurobond to fund WAEMU projects
The West African Development Bank (BOAD) has issued a landmark €1bn bond with a 15-year maturity, the longest euro-denominated benchmark ever launched by an African multilateral lender. The ... more