The Blue Economy Minister plans to maximize Nigeria’s maritime potential..
Adegboyega Oyetola, the Minister of Marine and Blue Economy, has identified several hurdles that Nigeria needs to overcome to fully realize its maritime potential. These obstacles include the abundance of abandoned cargoes and the reliance on physical cargo examinations.
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In his view, Oyetola emphasizes a concept of port development that leans heavily on private-public partnerships (PPP). He believes it’s crucial for the government to explore such collaborations rather than own 100% of the port facilities. He points out issues with port efficiency, such as the archaic practice of physically inspecting cargo by customs officials, which he deems in need of modernization.
Another concern raised by Oyetola is the significant volume of cargo left unclaimed at ports. During a recent visit, it was observed that approximately 6,000 cargoes remained uncleared, some dating back to 2011. Oyetola calls for a defined time frame for declaring cargo abandoned and emphasizes the need for clarity in this regard.
Rotimi Anifowoseh, the Director of Strategic Planning and Research at the Nigerian Shippers’ Council (NSC), has highlighted specific areas that the council wants the minister to consider. Anifowoseh underscores the potential benefits of implementing the National Fleet, which include adding over $5.42 billion to the GDP, generating $1.62 billion in government revenue through corporate income tax via the Joint Venture Company (IVC), attracting over $1 billion in Foreign Direct Investment (FDI), increasing national tonnage, and yielding $9.1 billion annually in freight revenue.
The proposed National Fleet, intended to be wholly driven by the private sector, is anticipated to address various challenges, such as enhancing the nation’s tonnage capacity, preserving jobs, boosting freight earnings, rectifying the balance of trade, and increasing the maritime sector’s contribution to the Gross Domestic Product (GDP).
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