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Cabinet officials

Minister of Marine and Blue Economy Outlines Plans to Develop Maritime Infrastructure and Boost Revenue Generation

Strategic Insights

— 1 min read

Minister of Marine and Blue Economy, Adegboyega Oyetola, has emphasized the importance of harnessing Nigeria's maritime potential to increase revenue generation and stem the tide of capital flight in the sector. During a working visit to the Nigerian Maritime Administration and Safety Agency (NIMASA) office in Lagos, Oyetola outlined plans to develop infrastructure in lake and coastal facing towns and cities, strengthen Public-Private partnership arrangements, and abolish undue charges on crude oil exportation.

Key Takeaways:

  • The newly-created Ministry of Marine and Blue Economy is ready to develop infrastructure in lake and coastal facing towns and cities to attract tourists and generate revenue.
  • The ministry plans to strengthen Public-Private partnership arrangements to abolish undue charges on crude oil exportation and put an end to the menace of Charter Vessels.
  • The minister emphasized the need to invest in the fishing sector, as most of the shrimps imported into the country are from the nation's waters.
  • The ministry aims to put an end to the importation of shrimps from other countries and instead promote Nigeria's fisheries sector.
  • Nigeria's coastal and marine ecosystems cover a total of 70,000 square kilometres and the country has one of the largest wetlands in the world.
  • The minister stated that the country has the potential to grow its economy and create more jobs through the maritime sector.
  • The Renewed Hope Agenda of the current administration aims to reposition the sector for the welfare and wellbeing of Nigerians.

Statistics:

  • The fisheries sector contributed 1.09 per cent of the country's total GDP in the year 2020 and 0.9 per cent in the Q3 of 2021 (National Bureau of Statistics).
  • Nigeria has one of the largest wetlands in the world and its coastal and marine ecosystems cover a total of 70,000 square kilometres.
  • The country makes up about 853 kilometres of the estimated 47,000 kilometres of coastline in Africa.

Sources:

  • National Bureau of Statistics (NBS)

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