FG Considers Shipping Line to Capture $10bn Market

The federal government said it would consider the re-establishment of a national carrier for the nation’s shipping sector.

It said the National Shipping Line will be established through a strategic Private Public Partnership (PPP) arrangement, saying the move was borne out of its desire to capture a substantial share of the estimated $10 billion annual ship charter market within the country.

It said the initiative will not in any way impede the growth of local players but rather to provide an avenue for them to create and extract more value from the sector, especially through ship construction, maintenance, and repairs.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, made this disclosure during a stakeholders engagement on Advancing Sustainable Development in Nigeria’s Marine and Blue Economy sector, held in Lagos.

According to the minister, the forum was convened to bring together players in the sector to discuss and chart a roadmap/direction that will advance the industry’s potential, promote sustainable blue economy investments and ensure global competitiveness within the sector.

He noted that the model, a collaborative synergy between the private sector’s efficiency and the public sector’s oversight, will bring about a transformative impact on the marine and blue economy as well as boost the creation of substantial job opportunities.