The Minister of Marine and Blue Economy, Adegboyega Oyetola, has reassured local shipowners that the re-establishment of national shipping lines will not adversely affect their operations.

Speaking at a stakeholders’ roundtable in Lagos, Oyetola emphasized that the government’s initiative to consider a strategic Public-Private Partnership (PPP) for a national shipping line aims to capture a substantial share of the estimated $10 billion annual ship charter market.

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He clarified that the initiative is not designed to hinder the growth of local players but rather to provide opportunities for them to create more value in areas such as ship construction, maintenance, and repairs, leveraging the exclusive rights granted by the Cabotage Act.

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The Federal Government is committed to re-establishing the national shipping line through PPP, and the roundtable serves as a platform for industry players to discuss and shape a roadmap for sustainable development in Nigeria’s marine and blue economy.”