FG anticipates Generating $2.7billion Revenue from Marine and Blue Economy Sector

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By Innocent Orok

The Federal Government has announced progress in creating a national policy focused on Marine and Blue Economy , aiming to enhance the country’s economy by an estimated $2.7 billion revenue from the sector.

This was gathered from a meeting of key stakeholders in Lagos hosted by the Ministry of Marine and Blue Economy. Babatunde Bombata, who heads the Maritime Safety and Security Department in the Ministry shared this information on Tuesday.

He mentioned that the ministry had initiated the creation of a National Strategy regarding the Marine and Blue Economy, aiming to significantly improve the efficiency of the shipping sub-sector and promote trade facilitation, ultimately contributing to economic growth.

He said, “The development of the policy would provide a comprehensive framework/blueprint to deliver the expected over $2.7bn contributions of the marine and blue economic sector to the national economy and tackle revenue leakages, through the envisaged streamlined approach to the management of the sector,”

“To ensure the full implementation of the CVFF, the ministry has constituted a committee to develop clear guidelines and mechanisms to facilitate improved access to the fund by stakeholders in the shipping sub-sector.

“This initiative was envisaged to ensure that the fund achieves its goal of providing the required financial support for indigenous shipowners to acquire, construct and repair their vessels.”

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