The Minister of Marine and Blue Economy, Gboyega Isiaka Oyetola, has revealed a bold plan to boost Nigeria’s crumbling infrastructure with a substantial $1 billion investment.
Oyetola stated this during a maritime interactive session at the 29th Nigerian Economic Summit held in Abuja, where stakeholders converged to discuss the challenges facing the maritime industry.
With the theme: “Sailing to Success: Harnessing Nigeria’s Maritime Potential,” this session aimed to find solutions to the impediments obstructing the sector’s growth, widely acknowledged as a cornerstone of the nation’s economy.
Oyetola emphasized his commitment to revitalizing the industry through partnerships with private sector players. He envisages a collaborative effort that integrates private investment with public resources to bring the sector back to life.
Highlighting the urgency of the situation, Oyetola underscored the necessity of investing in the rehabilitation of ports, stating, “One of the things we are trying to do now is the rehabilitation of all the ports, and it will cost a billion dollars. If we don’t do that, the ports will collapse.”
He added that efficiency in cargo clearance and the use of technology are very key to ease of doing business at the port.
Oyetola further suggested the mandatory implementation of scanners at ports, striving for real-time clearance and reducing the burden of physical examinations on all containers.
While commending the collaborative nature of the interactive session, the minister urged stakeholders to seize the opportunity and contribute innovative ideas to reinvigorate the sector.
In conclusion, he emphasized the paramount importance of fostering efficient road networks, increasing navigability of waters, and ensuring connectivity from ports to hinterlands to realize the sector’s vast potential.
Princess Ronke Kosoko, CEO of the Maritime Innovations Hub, emphasized that the burden of maritime revitalization cannot rest solely on the president or the minister. She urged all stakeholders to unite, break free from competitive isolation, and collaborate to fulfill the shared vision of a thriving maritime industry contributing significantly to Nigeria’s projected $1 trillion economy.
