The Minister of Marine and Blue Economy, Adegboyega Oyetola, has assured ship owners and operators that the Federal Government is committed to creating an enabling environment that will support their businesses and promote the growth of the sector as a whole.
The Minister gave the assurance while interacting with ship owners and operators on steps to be taken towards shaping the future of Nigeria’s maritime sector in Lagos today, May 14, 2024.
Oyetola told the operators that they must recognise the significance of the marine and blue economy sector in stimulating national economic growth and development.
He acknowledged ship owners and operators as the backbone of the maritime sector, saying the government and its agency, Nigerian Maritime Administration and Safety Agency (NIMASA), are exploring fiscal and trade policies to promote greater participation of Nigerians in the shipping industry.
According to the Minister, “As we navigate the complex waters of global trade and economic uncertainty, we must recognise the significance of the marine and blue economy sector in stimulating national economic growth and development.
“The government has identified this sector as a pivotal area of focus, and we are committed to creating an enabling environment that supports your businesses and promotes the growth of the sector as a whole.
“Ship owners and operators are the backbone of the maritime sector, contributing to trade, transportation, and job creation. We acknowledge the challenges you face, from safety and security concerns to regulatory hurdles and market fluctuations. It is the resolve of the government to address these challenges and foster a conducive environment for your operations.
“Our efforts to enhance efficiency, transparency, and competitiveness in the sector are already yielding positive results.
“The Nigerian Maritime Administration and Safety Agency (NIMASA) Act has promoted safety standards, enforced regulations, and boosted investors’ confidence. We are exploring fiscal and trade policies to promote greater participation of Nigerians in the shipping industry.
“A major part of the plan is to unlock the Cabotage Fund for disbursement to support the growth and development of shipping businesses in the country. The Ministry is committed to delivering this soonest.
“Our attention to the shipping industry must be holistic, encompassing investments in fleet, improvement of regulatory frameworks, upscaling of local manpower and capacities, fine tuning of operational efficiencies, and of course increasing turnover and revenue.
“We must work together to reverse unfavourable terms of trade in the sector for the benefit of our economy. Moving forward, our collective resolve must be to foster collaboration among regulators and stakeholders to streamline processes and enhance efficiency.”
Concluding, Oyetola said, “Our dialogue must renew our collective hope and aspiration. Let us seize this opportunity to forge partnerships, foster innovation, and propel Nigeria’s blue economy towards a prosperous and sustainable future. Together, we can surmount the challenges of our industry.”