Tag: Adegboyega Oyetola

Marine and Blue Economy Minister Adegboyega Oyetola yesterday urged academic institutions across the country to collaborate with the Federal Government in harnessing the numerous potential inherent in the nation’s blue economy.

The minister said the blue economy sector promises a wealth of benefits for the growing youth population across the country.

Oyetola spoke at this year’s international conference with the theme: Advancing Entrepreneurship Education and Practice for Sustainable Development in Africa organised by the Institute for Entrepreneurship and Development Studies (IFEDS) of Obafemi Awolowo University at Ile-Ife in Osun State.

The minister, who was represented by the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, named Marine Engineering and Naval Architecture; Ship Recycling and Ship Repair; Cadet Training and Seafaring, as well as Freight Forwarding as entrepreneurial opportunities inherent in the marine and blue economy sector.

He added: “Other opportunities are: ship brokering and chattering; cybersecurity and data science; maritime law and policy; marine insurance; maritime education and training; and maritime research and development.

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“Also available are: Fisheries and Aquaculture; seafood processing; fisheries science; maritime real search and development; maritime research and training; marítime biotechnology; underwater welding and diving, seabed mining.”

Oyetola described the Marine and Blue Economy as a blue gold mine of entrepreneurial opportunities for African entrepreneurs and researchers.

He said: “The Marine and Blue Economy represents a blue gold mine of entrepreneurial opportunities for African entrepreneurs and researchers. By harnessing innovation, embracing sustainability, and fostering collaboration between government, academia, and the private sector, we can create a thriving marine and blue economy that contributes significantly to Nigeria’s sustainable development.

“Let us work together to unlock the potential of our oceans and coastal resources, creating prosperity for our people while preserving the health of our marine ecosystems for generations to come. The future of Nigeria is blue, and it is up to us to shape it.”

The minister, who is the immediate past governor of Osun State, suggested that such collaboration should be between academic institutions, the government, and private sector to fully optimise the opportunities inherent in the Blue Economy.

“The Marine and Blue Economy represents a frontier of immense potential for Nigeria and, indeed, all of Africa. It is a sector that, if harnessed correctly, can drive innovation, create jobs, and contribute significantly to our national and continental gross domestic product (GDP).

“For the purpose of this conference, I will be discussing Entrepreneurial Opportunities in the Marine and Blue Economy, with an emphasis on the synergies that must exist between academic institutions, like Obafemi Awolowo University, the government, and private sector to fully optimise these opportunities.

“In the layman’s language, the ‘Blue Economy’ embodies all economic activities related to our oceans, seas or coastal areas. It includes fisheries, maritime transport, renewable energy, and tourism – areas that all hold considerable potential for economic growth, employment creation and poverty reduction,” he said.

An excellent global example worth mentioning, Oyetola said, “is Norway, renowned for its significant advances in aquaculture, offshore oil drilling, wind energy, and marine biotechnology – all of which have been pivotal to its economic development”.

Drawing from the Norwegian example, he said: “Nigeria is blessed with extensive coastlines and marine resources, can explore similar frontiers. Our aquatic environment holds potential opportunities in areas, such as fisheries and aquaculture, renewable energy, -coastal tourism, and biotechnology, among others.”

Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has stressed the need for the integration of intermodal transportation to unlock the potential of the country’s maritime sector.

Oyetola said this at the maiden edition of Nigeria Transport Summit organised by the Transportation Correspondents Association of Nigeria (TCAN), on Thursday, in Lagos.

The summit had the theme: “Internodal Transport: Prospects and Challenges.”

Oyetola was represented at the event by Mr Yusuf Muhammad, the Director of General Service, Ministry of Marine and Blue Economy.

 He said that streamlining transport modes was key to optimising movement of goods and services.

According to him, linking of the ports with roads, rails, and inland waterways was key to optimising the movement of goods and enhancing trade.

“By streamlining these transport modes, we can reduce delays, cut down logistics costs, and make our ports more competitive in the global market.

“Our vision is to develop a seamless transport system where goods can flow smoothly between ships, trucks, and trains, boosting trade and economic growth.

“ Intermodal transportation also aligns with our broader objective of reducing congestion, lowering carbon emissions, and enhancing the overall efficiency of our logistics chain,” he said.

Oyetola added that the ministry had embarked on several initiatives aimed at unlocking the vast potential of the nation’s marine resources.

“We have developed a comprehensive policy framework to enhance maritime safety, boost investment in port infrastructure, and promote sustainable fishing practice.

“The ministry has also established the National Strategy on Blue Economy which is aimed at regulating and promoting sustainable use of our marine resources,” he said.

He noted that the strategy was validated with the support and collaboration of the InterAfrican Bureau For Animal Resources and the Kingdom of Norway.

According to Oyetola, the strategy document sets the groundwork for effective governance, ensuring that our blue economy oceans remain a source of wealth for future generations.

“We are actively engaging with international partners to enhance our maritime capabilities.

“Collaborative efforts with countries that excel in marine technology will allow us to adopt best practices and leverage cutting-edge technologies for resource management.

“As we pursue these ambitious goals, the role of the media cannot be overstated. Transportation correspondents, you serve as vital conduits of information, helping to shape public perception and understanding of marine issues.

“ Your reporting raises awareness about the importance of sustainable practices and the need for robust investment in our maritime infrastructure,” he said.

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He called on stakeholders, government, private sector, and civil society, to join hands in realising the vision for a thriving blue economy.

“Let us work collaboratively to build resilient coastal communities, invest in research and innovation, and promote sustainable practices that benefit both people and the planet,” he said.

He emphasised that the country’s oceans are not just a resource but a heritage for economic growth and development.

Oyetola called for collaborative responsibility to protect and nurture the country’s ocean for  future generation.

Earlier, Mr Yinka Aderibigbe, chairman, TCAN, said that if the country do not open the transport space, the economy would not grow.

Aderibigbe noted that the summit was to deepen the conversation of transportation in Nigeria, and proffer solutions that would ensure the growth of the sector.

The Minister of Marine and Blue Economy, Adegboyega Oyetola has directed the Nigeria Ports Authority (NPA), the Nigeria Shippers Council (NSC), the Nigeria Customs Service (NCS) and the heads of other agencies under his ministry to come up with harmonised  port charges to streamline operations and boost efficiency at port, The Nation learnt.

The move, findings revealed, will assist the Federal Government  to streamline the country’s port system and tackle the issue of multiple taxation.

Speaking at the opening of a two-day training for freight forwarders in Port Harcourt yesterday , Oyetola disclosed that a committee had been set-up to review all levies charged by agencies under the ministry to make the port attractive for business.

Oyetola, findings revealed, was represented at the event by his technical adviser, Busayo Fakinlade.

The Nigerian port system is expected to serve the economy by establishing an appropriate operational process, effective port procedure and effective legislative framework that will guide port charges.

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Upon arrival of containers at the port, investigation revealed that the importers pay terminal handling charges, storage charges, delivery charges and Customs examination charges to the terminal operators. In addition, the consignees also pay the relevant Customs import duty. Importers pay for logistics services to get the goods out of the terminal. They also pay for the services of the clearing agents. Some big companies are sometimes directly responsible for clearing their goods.

Based on the above, the Minister said: “the ministry is committed to ensuring there are no multiple levies imposed on businesses within the maritime sub-sector,” Mr Oyetola said.

Oyetola added that consultations were ongoing with the Nigeria Customs Service (NCS), Nigeria Ports Authority (NPA), and the Nigeria Shippers Council (NSC), among other agencies, to harmonise charges.

Ultimately, Oyetola said, “a policy statement will be issued to move the maritime sub-sector forward.”

As part of efforts to transform and improve efficiency within the nation’s ports, the Ministry of Marine and Blue Economy has disclosed readiness to partner with the Infrastructure Concession Regulatory Commission (ICRC) and the Bureau of Public Enterprise (BPE).

The partnership is expected to assist the ministry in identifying world best practices and the appropriate Public and Private Partnership (PPP) models in the rehabilitation, modernization and concession of the ports.                                                                   

The Minister of Marine and Blue Economy, Adegboyega Oyetola stated this during a courtesy visit by the Director General of ICRC and the management team at the ministry in Abuja.

Oyetola, in a statement on Thursday by the Head of the Press Unit of the ministry, Muhammad Zakari, stated that the previous PPP models ended up in avoidable bottlenecks due to over-reliance on the government for funds by the private sector.

The Minister while stating that the government has no business in business when it comes to infrastructural management, called on the ICRC and BPE to partner with the private sector to revamp the port industry.

On identifying competent partners, Oyetola said investors sometimes draw up robust business plans that appear viable but fail to invest the needed funds for the projects after getting approvals.

The Minister tasked the ICRC to work with BPE to proffer viable options that will make the PPP arrangements work in the ports sector.

He also called on the ICRC to determine the proper models of PPP in the concession of ports across the country, stressing that for the rehabilitation and modernization of ports to be carried out, the private sector that has the means must be willing to play its role for ports to operate at maximum capacity in Nigeria.

On why rehabilitation of the ports is delayed, Oyetola said: “We are not delaying the rehabilitation of ports terminals; in fact, it was taken to FEC in 2021 but was rejected for lack of sufficient funds. Again, the World Bank was engaged, but all terms and conditions couldn’t apply because of the timing.

“In the rehabilitation and modernization of these ports, you need to consider all that in determining the appropriate terms and conditions that will apply,”.

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The Director General of ICRC, Dr. Jobson Ewalefoh, said private sector funding is critical for Nigeria to fully maximize the potential of the marine sector.

He noted that the concessions of the 26 port terminals in 2006 were a step in the right direction and that more needs to be done to explore the opportunities in the marine industry.

“Nigeria is blessed; we have what it takes in the marine sector to be a big player in the West Africa coastal lines and also in Africa. The only problem we have is funding. The funding is not there, and the only option we have is to attract private sector funding, and that is why Mr President asked me to bring in my expertise to bring in private sector financing in building and revamping our infrastructures in this country”.