The Minister emphasized the urgent need for a collaborative effort to brainstorm and devise strategies to leverage marine resources for the betterment of the economy and the safety of the planet. He also highlighted the ministry’s innovative Public-Private Partnership models and their transformative impact on the marine and blue economy.
In addition, Oyetola announced the ministry’s consideration to re-establish a National Shipping Line through a strategic PPP arrangement with the aim of capturing a substantial share of the estimated $10 billion annual ship charter market within the country. He clarified that this initiative is not intended to impede the growth of local players but rather to provide an avenue for them to create and extract more value from the sector.
The Minister underscored the importance of leveraging the Carbotage Act to enable local businesses to better benefit from the sector, especially through ship construction, maintenance, and repairs.