The Nigerian Ministry of Marine and Blue Economy has launched a strategic initiative to establish a national flag carrier through a public-private partnership. Minister Adegboyega Oyetola, in a recent address at a stakeholders’ forum in Lagos, emphasized that this initiative aims to rejuvenate the country’s maritime sector, create employment, and generate sustainable revenue streams for the government. This move highlights Nigeria’s commitment to revitalizing its shipping industry and ensuring it plays a significant role in global trade.
In line with the national flag carrier plan, the ministry is also finalizing arrangements for the disbursement of the Cabotage Vessel Financing Fund. This fund is designed to support the growth of the local shipping industry by providing financial assistance to companies involved in maritime transportation. Oyetola’s announcement points to a broader strategy focused on strengthening the nation’s maritime infrastructure and making it a competitive player in the global market.
A key component of the ongoing reforms is the implementation of the National Single Window (NSW), which aims to enhance efficiency in cargo clearance at Nigerian ports. Oyetola noted that the NSW system would automate processes and streamline approvals, significantly reducing the time needed to clear cargo. With estimates suggesting a 60% reduction in clearance times, the system is expected to boost port productivity and reduce operational delays, improving Nigeria’s position in global trade.
The NSW will also interconnect all relevant stakeholders involved in foreign trade, creating a unified platform for importers, exporters, banks, carriers, and government agencies. This digital ecosystem is designed to simplify trade procedures and ensure better coordination among all parties. By improving the flow of information, the system aligns with best practices in global trade and is expected to contribute to Nigeria’s competitiveness in the international market.
Dr. Abubakar Dantsoho, Managing Director of the Nigerian Ports Authority, also highlighted the significance of the NSW, emphasizing its role in optimizing operations and facilitating smoother transactions for over 500 million TEU (twenty-foot equivalent units) movements. The NSW is seen as a vital tool for transforming Nigeria’s port operations, making them more efficient and competitive, and ultimately positioning the country to benefit more from global trade activities.
Source: PUNCH