How blue economy can strengthen naira – Adegboyega Oyetola

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According to Adegboyega Oyetola, minister of marine and blue economy, the maritime industry would play a vital part in Nigeria’s hunt for foreign money to strengthen the naira, which continues to decline against the US dollar.

Speaking in Lagos on Wednesday at the official commissioning of the Nigerian Ports Authority’s (NPA) rebuilt Seafarers’ Centre, Oyetola said his ministry was determined to improve the country’s balance of trade by promoting export, which is critical to earning forex and strengthening the naira’s value.

According to him, his ministry was preparing to improve the maritime industry so that it might contribute to the national economy.

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The renovation and commissioning of the seafarers’ center, he added, was part of the ministry’s commitment to offer Nigerian ports a competitive advantage.

“Rebuilding this facility will raise Nigeria’s standing in the global maritime community.” With increased global competition, states must make a concerted effort to improve the competitiveness of their ports,” Oyetola added.

He explained that the goal of rebuilding the purpose-built facility, which is designed to provide vital social, psychological, and emotional support to crewmen and women who drive global trade in and out of Nigeria, was to provide seafarers and all maritime workers with the tools they need to face and overcome work-related challenges.

Oyetola, on the other hand, challenged all maritime agency heads to be more ambitious and imaginative in leading smart initiatives that will create chances and open up new vistas of growth.

He praised the Nigerian Ports Authority’s administration for their foresight in upgrading the facility, which was in disrepair at the start of the year.

According to Mohammed Bello-Koko, managing director of the NPA, an estimated 4000 foreign-flagged ships visit Nigerian beaches each year, implying 300 vessels and a minimum of 6,000 seafarers per month.

According to him, the authority should work with worldwide institutions such as the Mission To Seafarers to encourage shore leave and crew changes and reap the benefits of coastal tourism.

“We are already seeing improvements in inland traffic to and from our ports.” These, combined with advancements in intermodal transportation brought about by our expanding rail infrastructure, are certain to support and stimulate enormous prospects in the maritime ecosystem,” he said.

Earlier in his statement, Adebayo Sarumi, chairman of the Mission To Seafarers, represented by Yetunde Akinluyi, a member of MTS Lagos’ management team, stated that, in addition to restoring the center, the jetty and protecting the shoreline were critical.


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