Western, Eastern Ports Modernisation will reverse revenue losses to neighbouring Countries—Oyetola

• As Nigeria readies to contest IMO council election
• Over 20, 000 jobs in the making
• With NIMASA engaging stakeholders on CVFF Disbursement

By Bonny Amadi

Nigeria’s Gross Domestic Product (GDP) is positioned to be ushered into a new era of boom by the ministry of Marine and Blue Economy, which is leaving no stone unturned in fashioning out a new policy to reverse huge revenue losses to other countries, and boost the nation’s marine economy.

The new policy direction, which is ready to be delivered to the Federal Executive Council (FEC), will lift the country’s maritime and blue economy as a major contributor to the nation’s GDP growth.

The signals to Nigeria’s emerging economic buoyancy were given in Lagos on Thursday by the Honourable Minister of Marine and Blue Economy, His Excellency, Adegboyega Oyetola, At the Interactive Session with the Editors of Print Media, where he stated that ongoing sectoral reforms, modernisation of Western and eastern ports, will expand the ports drafts to enable bigger vessels to berth.

This will in no small measure boost the nation’s revenue, create employment opportunities, lubricate many businesses, produce more and sustainable Small and Medium Scale Enterprises (SMEs) as well as engendering the value chain of maritime and blue economy products and services.

The growth potentials the nation’s marine economy, he said, tallies with the vision of President Bola Ahmed Tinubu, in creating a dedicated Ministry for the Marine and Blue Economy,” This strategic initiative, which is an offshoot of the Renewed Hope Agenda” adding that the Ministry has taken deliberate steps to strengthen the regulatory, legal, institutional and policy frameworks for the management and development of the sector.

Meanwhile, the term ‘draft’ in maritime terminology refers to the vertical distance between the waterline and the bottom of the hull (keel) of a ship. It is a critical measurement that determines how deep a vessel sits in the water and is essential for ensuring safe navigation, especially in shallow waters

The minister disclosed that “When the modernisation is completed, the draft of our port will be 16 – 17 meters. It is currently 12 – 13 meters. This will allow bigger vessels to berth and reverse the revenue loss to neighbouring ports of Tema, Lome and Cotonou. These port rehabilitation projects by NPA are expected to generate over 20,000 jobs.”

To drive the much-needed economic growth, the ministry according to the minister is focusing on Bridging infrastructure gap, Inland dry ports development, rehabilitating more internal access roads and boosting port connectivity and reducing congestion and transit time.

Also, focusing on Driving blue tourism, eco-tourism and support fishery industries, implementing national single window (NSW) as well as Enhance efficiency, competitiveness of Nigerian ports to benefit from AfCTFA, while the Western and Eastern ports modernisation process has started to fire the much-needed value accretion.

The minister disclosed that the Nigerian marine and blue economy has huge untapped potentials positioned to boost the country’s Gross Domestic Products (GDP).” The potential of this sector to contribute to the country’s GDP is huge. The blue economy comprises activities such as maritime shipping; ship building and repairs, ports infrastructure and services; coastal tourism; fishing and aquaculture; blue/renewable energy; seabed mining; underwater cabling; marine biotechnology (pharmaceuticals and chemicals).