Oyetola’s Silent Revolution in Nigeria’s Blue Economy Landscape, by Kabir Akintayo
In the realm, where silence speaks volumes and actions echo louder than words, emerges the enigmatic figure of Adegboyega Oyetola, who is orchestrating a quiet revolution in the Marine and Blue Economy sector.
Oyetola’s approach stands out as a testament to the power of pragmatic leadership. Tasked with harnessing the nation’s maritime potential, Oyetola’s vision extends beyond mere economic diversification to fostering sustainable growth and creating employment opportunities for Nigerians in the sector.
President Bola Ahmed Tinubu had created the new ministry with the aim of tapping into the huge potential in the Blue Economy and multiplying the country’s sources of income.
Drawing from his rich experience in both the public and private sectors, Oyetola introduced a Public Private Partnership (PPP) model with the belief that enabling private sector investments is key to unlocking Nigeria’s economic potential in the Marine and Blue Economy sector.
He highlighted the major obstacles at the Nigerian Ports and offered remedies to them. These include but not limited to; streamlining the number of government agencies operating at the port through the full implementation of the National Single Window Initiative (NSWI), automating port operations through the deployment of a Port Community System (PCS) and phasing out manual cargo inspections, expanding the domestic shipping fleet by encouraging new shipping lines, achieving 24-48 hours cargo clearance and ensuring adequate connectivity of the ports to the hinterlands with efficient road and rail networks.
The Minister also struck a partnership with the United Nations Industrial Development Organisation (UNIDO) to develop the industry policy that will help in achieving sustainable growth in the sector, assuring that the collaboration will create value chain, renewable energy, research and development and technology assistance.
Oyetola is also working on how to strengthen fishery and other areas of the country’s comparative advantage as part of measures to achieve self-sufficiency in food production.
He highlighted the disadvantage of relying on foreign vessels carrying the nation’s crude which is a Free on Board (FOB) processes, instead of Cost Insurance and Freight (CIF) method which will save the country from losing so much in terms of trade.
Oyetola has been advocating for Nigeria to own a shipping line but not on the basis of the country acquiring 100% of ownership but through a PPP model with the private sector efficiency that comes with it.
Oyetola has attracted several investors including APM terminals who promised to invest $500 million in Apapa port to make it one of the biggest in Africa.
Mr. Keith Svendsen, the Global Chief Executive Officer (CEO) of APM terminals made the promise during a visit to Oyetola’s office, commending the minister on the effectiveness of the Onne ports, which has remarkably improved since Oyetola assumed office. He stated that the turnaround time in Onne had been reduced by 65 percent.
Oyetola assured the group of maximum cooperation, saying that his ministry has already resolved to modernise the ports. And also, to increase the drought level of the Apapa and Tincan ports from the current 13.5 to 16.5 percent which is to allow bigger vessels to berth so that those ports can be more attractive and compete at the international level.
There is no doubting the massive potential in the Blue Economy sector. President Tinubu must be commended for not only creating the ministry but for also appointing the best man available to head it. The vision is there, the template is clear and Oyetola looks like a man on a mission to open a very large revenue base for the country which will in the future compete with oil and gas.
