The Federal Government has made strides in the formulation of a national policy on marine and blue economy, expected to inject $2.7 billion into the country’s economy. Babatunde Bombata, Director of the Maritime Safety and Security Department within the Ministry of Marine and Blue Economy, revealed this during a stakeholders meeting in Lagos. He underscored the policy’s significance in bolstering the shipping sub-sector’s performance, trade facilitation, and broader economic expansion.
Efforts are underway to facilitate the disbursement of the Cabotage Vessel Financing Fund (CVFF), designed to assist indigenous shipping operators in acquiring new vessels. Bombata stressed the importance of establishing clear guidelines to enhance stakeholders’ access to the fund.
Plans for the establishment of the Regional Maritime Development Bank (RMDB) are advancing, with Nigeria positioned to host its headquarters and holding the highest share among member states of the Maritime Organisation of West and Central Africa (MOWCA). The bank aims to provide funding for port infrastructure, vessel acquisition, and human capacity development, with an expected capital base of $1 billion.
The RMDB, envisioned as a collaboration between the private and public sectors, will prioritize financing for vessel acquisition, construction, and repairs by indigenous shipowners. Collaboration between the Ministry and the Nigerian Meteorological Agency aims to provide accurate sea weather forecasts, supporting safe navigation and efficient operations in Nigerian waters.
Furthermore, discussions between the Director General of NIMASA, Dr. Dayo Mobereola, and the Chief of Naval Staff regarding the Deep Blue Project are ongoing. Plans include drafting a new Memorandum of Understanding to enhance the project’s effectiveness and alignment with strategic objectives.
