FG targets $1 trillion blue economy boost in four years

The Executive Secretary and CEO of the Nigerian Shippers Council (NSC), Pius Akuta announced that the Federal Government, via the Ministry of Maritime and Blue Economy, is crafting a policy framework aimed at elevating the economy from under half a billion dollars to a trillion dollars within four years.

Akuta made this declaration at a seminar in Port Harcourt, organized by the NSC, on the structure and functions of regulatory agencies in the port system.

He highlighted that the Blue Economy Policy is central to achieving this ambitious target.

Delivering a keynote address on Akuta’s behalf, NSC’s South-South Zonal Coordinator, Jeremiah Okoliko, emphasized the Ministry’s focus on developing a comprehensive new policy document aimed at enhancing port efficiency.

Key to this goal is the identification and elimination of obstacles to efficient port operations, urging regulatory agencies to understand their roles and work towards tangible results.

Okoliko stressed that this initiative aims to remove unnecessary bottlenecks in cargo release and streamline operations for the benefit of port service providers and users.

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He also addressed the issue of freight differentials between cargo vessels and airlines on Lagos and Eastern routes, attributing it to job shortages and insecurity on Eastern waterways.

Despite progress, challenges remain, with price differentials persisting due to the logistical difficulties faced by exporters in the South-East and South-South regions.

The Federal Government’s committee on the revitalization of Eastern Ports has reduced, but not eliminated, these challenges, as exporters often opt for Lagos to consolidate shipments, resulting in higher freight charges for routes to Eastern ports.