We Are Seeking Private Investment For Port Modernization – FG

The federal government has called on private sector players to see the maritime sector as a key area for investment that guarantees high returns.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, said the government needs private investors for the modernization of the country’s ports.

He stated this during a stakeholders’ workshop on the National Policy on Marine and Blue Economy held in Lagos on Tuesday.

Oyetole explained that the government was committed to taking Nigeria’s maritime sector to global prominence by accelerating its development, increasing its GDP contribution, and harnessing its potential for the benefit of current and future generations.

He emphasized the importance of the national policy document. He noted that it would help address issues in the sector while safeguarding the country’s maritime resources.

“A robust National Policy will ensure that we address these issues through a comprehensive framework that aligns with international best practices while safeguarding our marine resources for future generations.

“The new policy aims to provide a blueprint for effective management and coordination among relevant Ministries, Departments, and Agencies (MDAs), and Stakeholders within the value chain for harmonizing national actions in the maritime sector.

“It gives me great pleasure to welcome you all to this workshop on the validation of the National Policy on Marine and Blue Economy. I extend my gratitude to all stakeholders present, including our Directors, Technical Officers, and Heads of Agencies, who have consistently demonstrated unwavering commitment to advancing Nigeria’s blue economy agenda,” he said.

The Minister stressed that the blue economy was a pathway for the nation to balance its economic growth. He said the national policy document also addressed challenges affecting the marine sector.

“Blue economy is a transformative pathway for nations seeking to balance economic growth with environmental sustainability. For Nigeria, with over 853 kilometers of coastline, extensive inland waterways, and a vast exclusive economic zone, the marine environment holds unparalleled opportunities.

“These range from fisheries and aquaculture to shipping, tourism, and renewable energy. However, these opportunities come with challenges: unsustainable practices, environmental degradation, and illegal activities, such as Illegal, Unreported, and Unregulated (IUU) fishing.

“This validation workshop is a milestone in our efforts to elevate Nigeria’s marine and blue economy. It is a product of diligent and inclusive policymaking that underscores our Ministry’s commitment to collaboration and precision. The Federal Ministry of Marine & Blue Economy has painstakingly developed strategies to guide the sustainable use of our marine resources.

“These efforts supported by partnerships with the African Union Inter-African Bureau for Animal Resources (AU-IBAR) and other stakeholders, include the finalization of policies on fisheries and aquaculture in collaboration with WorldFish. These critical contributions are vital inputs into the National Policy on Marine & Blue Economy,” Oyetola explained.

The former governor of Osun State highlighted that the document provided a comprehensive policy on managing boat mishaps and addressed the needs of all stakeholders in the maritime sector.

“This policy seeks to implement comprehensive strategies to ensure the safety of all waterways. However, challenges such as the spate of boat mishaps demand urgent attention, and this policy aims to establish comprehensive measures to enhance safety across our waterways.

“As we develop this policy, the Ministry remains committed to repositioning Nigeria as a dominant player in the marine and blue economy both regionally and globally. We are also pursuing Nigeria’s candidacy for election into Category C of the International Maritime Organization (IMO), which underscores our determination to strengthen our voice in global maritime governance.

“The government is actively seeking private sector investment for port modernization, which is critical for boosting Nigeria’s competitiveness and attracting sustainable funding for the sector. These efforts are integral to ensuring that our policies translate into tangible progress and measurable outcomes.

“Pleased to acknowledge the efforts that have brought us to this stage. The initial consultations and technical drafting processes have produced a draft policy that is both inclusive and forward-looking. This validation workshop represents the culmination of those efforts.

“Our goal today and in the coming days is to critically evaluate the policy, ensuring that it addresses the needs of all stakeholders, incorporates global standards, and positions Nigeria as a regional leader in the blue economy. As we deliberate, let us embrace open and constructive dialogue. Your insights and expertise are vital for shaping a national policy that addresses critical issues such as safety, security, and sustainability in Nigeria’s marine and blue economy,” the Minister added.

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