- The federal government plans to establish a National Shipping Line through a strategic PPP to capture a significant market share
- The initiative aims to boost local players in the maritime sector, encouraging involvement in ship construction, maintenance, and repairs
The federal government has decided to establish a National Shipping Line for the country’s maritime sector. The initiative, to be realized through a strategic Public-Private Partnership (PPP), aims to secure a significant share of the estimated $10 billion annual ship charter market within Nigeria.
Reassuring that the move will not hinder the growth of local players, the government emphasizes that the National Shipping Line will serve as an avenue for them to enhance value creation, particularly through involvement in ship construction, maintenance, and repairs.
Adegboyega Oyetola, the Minister of Marine and Blue Economy, disclosed this development during a stakeholders’ engagement focused on advancing sustainable development in Nigeria’s Marine and Blue Economy sector. The event in Lagos aimed to facilitate discussions and chart a roadmap for the industry’s potential, promote sustainable blue economy investments, and ensure global competitiveness within the sector.
The proposed model emphasizes a collaborative synergy between the private sector’s efficiency and the public sector’s oversight. The government envisions that this approach will bring about transformative impacts on the marine and blue economy, fostering the creation of substantial job opportunities.
The Minister emphasized the importance of the forum in uniting stakeholders to collectively discuss and shape the direction that will advance the industry’s potential, making it more competitive globally. The initiative aligns with the broader goal of enhancing Nigeria’s position in the maritime sector while fostering sustainable and inclusive growth.
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