The Minister of Marine and Blue Economy, Adegboyega Oyetola, unveiled plans for the ministry to generate $20 billion and create two million jobs annually.

The goal is to achieve this through strategic development within the maritime sector. Oyetola outlined a four-year plan to transform the Marine and Blue Economy sector into a significant contributor to the nation’s economy, aiming to match the GDP contribution of the oil and gas sector within the next four years.

The ministry plans to focus on expanding and optimizing ports, infrastructure refurbishment, deep-sea ports development, and streamlining operations through policies like online clearing and National Single Window.

Ongoing efforts also include balancing fortification of existing strengths with exploration of new growth avenues within the marine and blue economy. The government is considering the re-establishment of a National Shipping Line through a strategic PPP arrangement to capture a substantial share of the estimated $10 billion annual ship charter market in the country. The plan includes supporting indigenous ship owners through the Cabotage Fund to acquire more vessels.