Nigeria says reestablishing National Shipping Line could pump $10bn into economy each year

By bne IntelliNews November 22, 2023

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.

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