The Federal Government is perfecting plans to unveil a Marine and Blue Economy National policy put together to enable the development of the new ministry.
Adegboyega Oyetola, minister of Marine and Blue Economy, disclosed this in a recent Maritime Conference organised by BusinessDay Media Limited.
He said the Ministry is developing a dynamic national policy framework for the marine and blue economy, which is expected to roll out before the end of 2024.
Oyetola said one major challenge confronting the sector is the absence of a national policy to set the tone for the sector and unlock the potential of the maritime sector which is a vital component of our national economy.
According to him, Mr. President understands the significant potential the sector holds for the diversification of the economy and that prompted the creation of the Federal Ministry of Marine and Blue Economy.
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“The Marine and Blue Economy ministry is estimated to contribute significantly to the country’s GDP, increase the revenue of the country, and potentially create millions of jobs directly and indirectly.
“The government is committed to addressing industry challenges to unlock the full potential of the maritime sector. We want to create an enabling environment that would foster investor confidence, promote transparency, attract the needed investments, and facilitate growth,” he said.
Oyetola said the nine months old Ministry of Marine and Blue Economy, has achieved a significant revenue increase from quarter one of 2024 compared with 2023.
He said the Ministry achieved this by deploying blocking leakages, enhancing revenue generation from established sources, and rolling out new revenue sources. He said the Ministry is engaging all relevant government agencies to ensure the full rollout of the National Single Window initiative.
The ministry and its agencies, he said, are in the top 10 ranking on the Presidential Enabling Business Environment Council (PEBEC) and the goal is to be top three.
“The Ministry is also fast-tracking work to finalise the implementation of a Port Community System towards automating port processes, the implementation of the International Cargo Tracking Note, truck call-up systems, and procurement of port scanners through the Nigeria Customs Service, all of which are geared towards ensuring operational efficiency at the ports.
“We are also interfacing with the Federal Ministry of Works to rehabilitate access roads to the ports while the Federal Ministry of Transportation is assisting in connecting the rail lines to the ports to reduce congestion and facilitate trade,” Oyetola said.
He said necessary support is being extended to private investors to encourage their participation in the development of additional ports and jetties across the country.
“To bridge the infrastructure gap, the government is cultivating the Public-Private Partnerships (PPPs) model to attract private sector investment for modernisation of ports. This collaborative approach ensures sustainable funding and expedites project implementation,” he said.
He listed the possible areas of investments to include port modernisation, channel dredging, automation, inland waterways development, ferry/cruise services, deployment of modern cargo handling equipment, terminal operation, and technological innovation, among others.
Oyetola said there are ongoing efforts to galvanise investments to upgrade existing and construct new infrastructure towards enhancing capacity and accessibility at the ports.
“The Ministry is promoting the development of inland dry ports at strategic locations across the country which will have a combined capacity of about 165,000 Twenty-foot Equivalent Units and help to decongest our seaports,” he added.
