We’re Targeting $2.7bn from Marine and Blue Economy, Says Ministry Official
OYETOLA
The Ministry of Marine and Blue Economy is working on a number of strategies that will lead to generating as much as an estimated $2.7 billion revenue from the sector.
Director of Maritime Safety and Security, Department in the Ministry of the Marine and Blue Economy, Babatunde Bombata, gave this indication in Lagos during a stakeholders forum last week.
According to Bombata, the Ministry has created a national strategy to improve on the efficiency of the shipping sub-sector and promote trade facilitation which will at the end lead to economic growth.
He was quoted saying, “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 secto”r.
The Director also disclosed that to ensure the full implementation of the Cabotage Vessel Financing Fund, 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”.
He added, “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.”
Director of Maritime Safety and Security, Department in the Ministry of the Marine and Blue Economy, Babatunde Bombata, gave this indication in Lagos during a stakeholders forum last week.
According to Bombata, the Ministry has created a national strategy to improve on the efficiency of the shipping sub-sector and promote trade facilitation which will at the end lead to economic growth.
He was quoted saying, “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 secto”r.
The Director also disclosed that to ensure the full implementation of the Cabotage Vessel Financing Fund, 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”.
He added, “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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