Latest news with #AdegboyegaOyetola
Zawya
16-07-2025
- Business
- Zawya
Nigeria: FG to end fish importation, targets aggressive local production
The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, has vowed to end Nigeria's dependence on fish importation by aggressively boosting local fish production. Speaking on Wednesday at a high-level consultative meeting with fisheries cooperative groups in Abuja, the Minister outlined a bold vision aimed at transforming the nation's aquaculture sector into a powerhouse of food security, employment, and export competitiveness. Declaring that 'Nigeria must chart a new course towards self-sufficiency in fish production,' Oyetola emphasised that the Federal Government is fully committed to supporting the fisheries and aquaculture subsector through policy, technical support, and financial inclusion.'We will scale up domestic fish production, reduce dependency on imports, and reposition the sector for sustainable growth,' he said. The meeting, convened by the Federal Ministry of Marine and Blue Economy, brought together leaders and members of major fisheries and aquaculture associations, including the Fisheries Cooperative Federation of Nigeria (FCFN), Tilapia Aquaculture Developers Association of Nigeria (TADAN), Catfish Farmers Association of Nigeria (CAFAN), Women in Fish Farming and Aquaculture, and the Practising Farmers Association of Nigeria. Oyetola announced that the Ministry is intensifying efforts to support women and youth in the fishing sector, stating that start-up grants and other empowerment initiatives are already in the pipeline. He said this move aligns with President Bola Ahmed Tinubu's Renewed Hope Agenda, which prioritises youth engagement and economic diversification. 'Increasing youth participation in aquaculture is not only vital for food production but also a strategic solution to reducing unemployment,' the Minister said. 'We are committed to ensuring that young people and women are not left behind in this transformation.' During the interactive session, participants raised a wide range of pressing challenges currently facing the sector. These included overfishing, environmental degradation, lack of access to affordable finance, post-harvest losses, inadequate cold storage infrastructure, poor transportation and market linkages, low youth involvement, multiple taxation by local government authorities, and the rising cost of imported fish feed. Responding to these concerns, Minister Oyetola gave strong assurances that the Ministry is already engaging stakeholders, both local and international, to tackle the identified issues head-on. He revealed that discussions are ongoing with the World Bank to secure financial support for fish farmers and that the Ministry will be collaborating with the Nigerian Agricultural Insurance Corporation (NAIC) to ensure affordable and accessible insurance coverage for fish farmers across the country. 'We are also in talks with the Federal Ministry of Water Resources to replicate the successful aquaculture model at the Oyan Dam in other parts of the country,' he added, pointing to integrated planning and inter-ministerial cooperation as key pillars of the strategy. 'This meeting is not the end — it is the beginning of a sustained and transformative dialogue,' the Minister assured. The Permanent Secretary of the Ministry, Mr Olufemi Oloruntola, who delivered the welcome address, noted that the meeting was in fulfilment of commitments made by the Minister during the Ministry's second-quarter citizens and stakeholders' engagement held in Lagos on 3rd reiterated the Ministry's readiness to build enduring partnerships with cooperative societies to drive inclusive growth. The Director of Fisheries and Aquaculture, Mr Wellington Omoragbon, also participated in the session and highlighted the importance of strengthening institutional frameworks and adopting enterprise-driven models to enhance productivity and attract funding. Participants praised the initiative as 'timely and long overdue,' expressing hope that the consultative approach would lead to actionable results. The meeting, described as robust and frank, ended with renewed optimism about Nigeria's potential to become self-sufficient in fish production and a net exporter of fish in the near future. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
04-07-2025
- Business
- Zawya
Nigeria: Marine and blue economy ministry records 75% performance in two years
The Minister for Marine and Blue Economy, Adegboyega Oyetola, on Thursday, said that the ministry has recorded 75 per cent performance in two years since its inception. He said the marine and blue economy ministry received the encomium through an evaluation conducted by the Office of the Special Adviser to the President on Policy and Coordination, through the Central Results Delivery Coordination Unit (CRDCU), which confirmed that the ministry achieved a 75% performance score at the end of 2024, despite various institutional and operational challenges. He made this known at the Second Quarter Citizen/Stakeholders Engagement Forum convened to deliberate on the effective implementation of the National Policy on Marine and Blue Economy held at Eko Hotels and Suites on Thursday. The theme of the Forum is 'Strengthening Collaboration For Effective Implementation Of the National Policy On Marine and Blue Economy'. He explained that the engagement is a working forum designed to develop a strategic roadmap for implementation. 'We are here to design actionable frameworks, set implementation priorities, and assign clear institutional responsibilities. In doing so, we must focus on improving coordination, ensuring accountability, and building capacity at all levels. He noted that the approval of the National Policy on Marine and Blue Economy by the Federal Executive Council marks a critical turning point providing a comprehensive framework to unlock value across the marine ecosystems. 'This policy encompasses port infrastructure, maritime security, aquaculture, ocean governance, marine biotechnology, renewable energy, coastal tourism, and climate resilience,' he stated. He opined that the rollout of the policy would be cross-sectoral, collaborative, and data-driven. On deliverables on tasks given, Oyetola commended the efforts of the delivery task teams across the Marine and blue economy ministry and its agencies and urged them to remain focused and continue to pursue excellence in the discharge of their responsibilities. Oyetola said the Marine and blue economy ministry is prioritising the modernisation of port infrastructure. 'The Federal Government has approved the contracts for the reconstruction of the Apapa and Tin Can Ports, under the Western Port Rehabilitation Programme. Procurement is ongoing for the Eastern Ports. 'These upgrades are complemented by the deployment of digital solutions, including the Port Community System, the E-Call-Up System, and a unified One-Stop-Shop for port clearance. These interventions are designed to reduce delays, boost investor confidence, and reposition Nigeria as a regional maritime hub,' he asserted. He averred that the ministry is also working to strengthen indigenous shipping capacity through a public-private partnership model to revive a national carrier. In addition, Oyetola said that the Nigerian Maritime Administration and Safety Agency (NIMASA) has commenced preparatory activities for the disbursement of the Cabotage Vessel Financing Fund with the process being carefully structured to ensure transparency and regulatory compliance to expand opportunities for Nigerian shipping operators. On revenue and service delivery, the minister said that through digitisation, the ministry has recorded consistent year-on-year growth across its agencies to improve operational efficiency, close leakages, and attract private capital into the sector. Regionally, the minister asserted that Nigeria is championing the operationalisation of the Regional Maritime Development Bank under the Maritime Organisation of West and Central Africa (MOWCA) to provide long-term financing for maritime infrastructure, thereby accelerating regional integration and supporting cross-border trade. He highlighted that the ministry, through the National Inland Waterways Authority (NIWA), has introduced the Inland Waterways Transportation Regulation, 2023, and launched a nationwide water safety campaign, distributed over 42,000 safety jackets, deployed ferries, patrol boats, and trained water marshals with the efforts already yielding results in reducing boat mishaps across the country and restoring confidence in water transport as a safe and viable mode of movement. Oyetola also said that the transition to a sustainable blue economy model requires innovation, investment, policy coherence, and human capital development. 'This is why we are placing strong emphasis on capacity building, research, and the promotion of local content in every segment of the value chain,' he maintained. He reiterated the ministry's commitment to build the necessary institutional, legal, and international linkages to enable Nigeria's maritime sector to contribute robustly to national development.
Zawya
22-05-2025
- Business
- Zawya
Nigeria: Shippers Council saves $19mln through automation of demurrage, freight rate
Nigerian Shippers' Council (NSC) has highlighted its impressive performance and called for critical policy and funding reforms at the just concluded 2025 Sectoral Retreat of the Federal Ministry of Marine and Blue Economy. The NSC's Executive Secretary/CEO, Dr. Pius Akutah, disclosed that the council saved the Federal Government over N31 billion between January and June 2024 through automation of demurrage, freight rate, and charter party verification. According to a statement ,Dr. Akutah also showcased the council's achievements, including the commissioning of the Funtua Inland Dry Port, top-ranking performance in the 2024 ICPC Ethics and Integrity Scorecard, the launch of online registration portals for port users and service providers and the development of the Trade and Transport Data Bank now nearing completion. He emphasized the need for swift passage of the Nigerian Port Regulatory Agency Bill and consistent access to statutory funding. The Minister of Marine and Blue Economy, Adegboyega Oyetola who declared the retreat open, stated that the Marine and Blue Economy sector had been placed at the forefront of the Federal Government growth agenda and that agencies must respond with measurable performance and improved service delivery. The Minister also noted several milestones achievements over the year, such as modernization of port infrastructure, steady improvement in port efficiency, progress on the National Single Window, commencement of Cabotage Vessel Financing Fund disbursement, noting that the recent approval of the National Policy on Marine and Blue Economy, marked a new phase in the sectorial development.
Zawya
24-04-2025
- Business
- Zawya
Nigeria: ‘$25mln CVFF fund won't buy a new ship'
The Ministry of Marine and Blue Economy recently announced plans to begin disbursement of the CVFF. In this exclusive interview with the President of the Ship Owners Association of Nigeria (SOAN), Mr. Sonny Eja, he spoke on eligibility for the funds and why some operators might struggle to refund: The Minister of Marine and Blue Economy, Adegboyega Oyetola recently mandated the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin the process for the disbursement of the Cabotage Vessel Financing Fund (CVFF). What's your take on this? Well, first of all, I would say that it's the right step in the right direction. I recall the last time we had an interactive session with the minister at an event in Ikeja, the National Single Window event, when I had the chance to speak with him, the minister was the one that even brought up the issue of the CVFF. When he mentioned the CVFF, I told him that it's long overdue, that they should look at the playbook that was adopted by the Nigerian Content Development and Monitoring Board (NCDMB) when they had to disburse their intervention fund. And so, he said, okay, they will look at it. Frankly speaking, I thought it was one of those rhetoric's. But when we saw the marine notice from NIMASA, we then realized the minister was serious about disbursement this time around. it's a welcome development, and it's the right step in the right direction. Equally encouraging is the fact that they are going to partner with the Bank of Industry (BOI) for disbursement of this fund. That in itself is also encouraging because if they had wanted to partner with the commercial banks, then the interest portion of it would not be very favorable to ship owners or beneficiaries of this fund. The marine notice released by NIMASA indicated that each ship-owner will get at most, $25 million. What types of ships can $25 million buy? Now, in terms of whether the $25 mllion will be enough, of course, you and I know that if you want to buy a tanker today, $25 million will not be enough. However, there are different types of vessels in different areas in the industry. Let's even say that I want to get a large-size Platform Supply Vessel (PSV) today, the $25 million may not be enough for me. But even if you're not going to get a new vessel, there are fairly used vessels that one can afford to acquire. And I know that a lot of players in the industry oftentimes would embark on this type of vessels. Again, you can have one or two companies come together to acquire a new vessel. Don't forget that we have the downstream, midstream, and upstream players. We could have a group, or one or two companies that can come together, you know, to acquire new vessels. To me, that is still very okay. Aside buying vessels, what other options are available for the would-be beneficiaries of the CVFF? The other option available to the would-be beneficiaries of the CVFF is that the fund can be used for refinancing. Refinancing is when I have a vessel that is associated via loan with another bank, I can get this CVFF funding which the conditions would be favorable than the one with the other commercial bank, and use the fund to refinance the vessel attached to the other bank. That is refinancing. These are options open for ship-owners to explore. The major reason the CVFF disbursement has been delayed up till now is down to fear that the funds might be mis-used by ship-owners. Do you have such fears? I was at an event two days ago, and I said that this development is a welcome one. But there must be very strict measures put in place for people accessing these funds, so that these funds are not diverted for other purposes. I am not saying that people that would apply for this facility would be very irresponsible not to use it judiciously. That's why I am happy that the BOI is involved. We had a very successful outcome with the NCDMB intervention fund and I believe also that this is going to be very successful because measures will be put in place to ensure that the beneficiaries will be able to pay back. I don't expect people to be funny with the funds in terms of getting these funds, and then diverting it for other purposes. I believe that if you have not identified a vessel that you want to acquire, or a tanker, there's no need wanting to access the CVFF. If you don't have a valid contract, and you apply for the CVFF, how do you repay? It shouldn't be a case of, I want to just acquire this vessel, and then begin to source for a contract. How do you intend to pay back? I am confident that there will be very good and strict measures put into this to guarantee these funds. For the Ministry in partnership with BOI to come up with this, they would have taken all this into consideration to see how they can guarantee these funds. I am confident that even if people want to be funny, measures will be put in place to get these funds back. If a ship-owner does not have a valid contract, and gets the funds, how does he repay? I am not saying anybody should not be given the opportunity, but then look at the dynamics yourself. Even the commercial banks, if you approach them today that you want a loan, they will ask you, what do you want to use the loan for? We are talking about having a valid contract. if you approach the banks today, the commercial banks, and then you want to access $25million to buy a vessel, and you have a six-month contract, how do you expect that six-month contract to pay off the $25 million loan? So, having a valid contract is key. That's why I talked about refinancing. It will be tricky if people just want to access these funds without a valid contract. From the Marine Notice released, what are the criteria for accessing the funds? The Marine Notice talked about certain things like a bankable feasibility report which will be subjected to independent verification by an approved submarine lending institution. Again, because the funds are held in NIMASA, the beneficiaries must provide minimum equity contribution of 15 per cent. So, if you are trying to access $25million, you have to come up with about $3.7million as your equity contribution. So, it means you must have that liquidity. You must also be able to pay all the prescribed fees. You must equally satisfy the funds managerial and operational ability. Those are things that they've put in place already. Again, you must be able to provide evidence of contribution to the fund. This means that you must have been contributing to that fund for quite some time now, which, of course, is the 2 per cent capital tax that has been deducted from your receivables on a month-to-month basis when your client pays you. So, if you have not been contributing to the fund, you have no business wanting to come and access this fund because you cannot reap where you did not sow. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
11-04-2025
- Business
- Zawya
Oyetola lauds APM Terminals' planned $500mln investment in port operation in Nigeria
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has commended APM Terminals for its renewed commitment to invest $500 million in expanding port operations across Nigeria. Speaking while receiving a delegation from APM Terminals in Abuja, Oyetola welcomed the company's pledge, describing it as a model worthy of emulation by other terminal operators in the country. 'We are pleased with the quality of infrastructure that APM Terminals has delivered at the Lagos Port Complex, Apapa. The standard you have set should be the minimum benchmark for other terminal operators across the country,' the Minister said. He stated that the proposed $500 million investment must align with the Federal Government's agenda to modernise the Western ports and boost competitiveness, adding that the Eastern ports would also benefit from a comprehensive upgrade. Oyetola reiterated the government's resolve to deepen the draft levels at Lagos ports to a minimum of 16 metres, which, according to him, will accommodate larger vessels, reduce shipping costs, and improve turnaround time. 'With our modernisation efforts, we are confident that Nigerian ports will soon rank among the best in the world. Our goal is to create a maritime environment that is efficient, transparent, and attractive to both local and international investors,' he added. Leader of the APM delegation, Mr Peter Wikstrom, expressed enthusiasm over the transformation taking place within Nigeria's maritime sector. 'This is my first visit to Nigeria, and I'm impressed by the scale of opportunity here,' he said, describing Nigeria as a strategic investment hub for APM Terminals. He noted that APM Terminals, having operated in Nigeria for over 20 years, is optimistic about the country's future and intends to channel the new investment into expanding terminal capacity, improving cargo handling efficiency, and attracting larger vessels in line with federal objectives. Also speaking, the CEO of APM Terminals Nigeria, Mr Frederik Klinke, revealed that the company is collaborating with the Nigeria Customs Service on an additional $10 million investment for the deployment of modern cargo scanners at the Apapa Port. According to him, the deployment would enhance trade facilitation and reduce cargo dwell time. He added that APM Terminals aims to become the first terminal operator in Nigeria to achieve full deployment of state-of-the-art scanning technology. Klinke noted that the initiative would drastically cut down physical container examinations, streamline cargo clearance, and significantly boost the overall efficiency and competitiveness of Nigeria's trade and logistics environment.
