We Are Introducing Port Community System To Minimise Delays In Our Ports – Minister

The Minister of Marine and Blue Economy Adegboyega Isiaka Oyetola, has assured of the federal government’s commitment to fostering economic growth and attracting investments in the marine and blue economy sectors.

The Minister said this at the 2024 International Business Conference and Expo, organised by the Lagos Chamber of Commerce and Industry, where he emphasized Nigeria’s strategic location and abundant resources.

He also highlighted the pivotal role of the Nigeria Export Processing Zones Authority (NEPZA) in providing valuable incentives to foreign investors and underscored the country’s active participation in the African Continental Free Trade Area (AfCFTA), which has significantly expanded export opportunities within the marine sector.

Minister Oyetola further outlined key infrastructure projects, including port rehabilitation and the development of deep-sea ports, which are crucial to enhancing Nigeria’s status as a maritime hub in West Africa. He also emphasized the importance of Public-Private Partnerships (PPPs) and the Cabotage Vessel Financing Fund (CVFF) in strengthening local maritime capacity. Additionally, the ministry is introducing initiatives such as the Single Window System and the Port Community System (PCS) to enhance port efficiency and minimize delays.

The minister also revealed various incentives his ministry has established to boost investment in the marine and blue economy, including tax reliefs, trade zone benefits, and infrastructure support. He however encourage investments in emerging blue economy industries and the marine fisheries sector, as these initiatives align with the goal of his ministry to position Nigeria as a leading maritime hub. This aligns with President Bola Ahmed Tinubu’s message that Nigeria is open for business, and he warmly invite investors to seize these opportunities.