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
Ghana’s banking sector faces mounting global scrutiny amid rising internal fraud
Ghana’s banking sector is facing intensifying scrutiny on the international stage as fraudulent activity continues to surge, with 155 employees dismissed in 2024 for their involvement in financial ... more
Chinese coffee delegation to tour Uganda amid soaring exports
A Chinese coffee industry delegation will visit Uganda later this month for a national origin tour, Uganda’s Ambassador to China, Oliver Wonekha, announced on May 3 during the 137th China Import ... more
Scatec starts building 1.1GW solar project and battery storage system in Egypt
Norwegian renewable energy company Scatec has started constructing the 1.1 GW Obelisk solar project in Egypt and a 100 MW/200 MWh battery energy storage system, the company said in ... more