Minister of Marine and Blue Economy Adegboyega Oyetola has emphasized the need for a comprehensive legal and regulatory framework to address the complexities of the maritime sector. Speaking at the recently concluded three-day International Maritime Seminar for Judges in Abuja, Oyetola underscored the importance of a robust system that safeguards the rights and responsibilities of nations, corporations, and individuals. This system, he noted, is crucial for protecting the maritime ecosystem, regulating maritime commerce, and ensuring the security of navigation routes to achieve economic sustainability.
“Our esteemed judges and justices, as guardians of the rule of law, play a critical and crucial role in shaping the legal landscape that governs our maritime affairs,” Oyetola stated. “Your interpretations and decisions have far-reaching implications, not only for businesses and individuals operating in the maritime sector but also for the long-term sustainability and resilience of our Blue Economy.”
During his address, the Minister revealed that the Ministry of Marine and Blue Economy has been diligently working to enhance the institutional and legal frameworks of its agencies to make them more result-oriented. He highlighted the Nigerian Shipping and Port Economic Regulatory Agency Bill of 2024 as a key reform aimed at unlocking the full potential of the marine and blue economy. This bill, Oyetola explained, is part of a broader strategy to position Nigeria as a leading maritime nation.
Oyetola also stressed the importance of collaboration with stakeholders, particularly the judiciary.
He noted that the Nigerian Shippers Council International Maritime Seminar for Judges serves as a vital platform for harmonizing and unifying business laws, which is essential for the economic integration of the African continent.
“If our business laws are harmonized, it would significantly enhance international investment, reduce transportation and transactional costs, and promote ease of intra- and inter-African trade,” he remarked.
The Minister called on industry stakeholders to synergize with the Ministry of Marine and Blue Economy, highlighting the global shift towards the blue economy as a key driver of economic diversification. “The future of the global economy is leaning towards the blue economy, and it is the surest pathway for our nation’s economic diversification from oil dependency to achieving non-oil economic prosperity,” Oyetola concluded.
Oyetola further elaborated on the Ministry’s efforts to create a sustainable maritime environment. He discussed initiatives to improve maritime infrastructure, enhance safety standards, and promote environmental conservation. These initiatives are designed to ensure that Nigeria can fully capitalize on its maritime resources while protecting the environment for future generations.
The Minister also addressed the role of technology in transforming the maritime sector. He emphasized the need for digitalization and the adoption of modern technologies to improve efficiency and transparency in maritime operations. “Embracing technology will not only streamline processes but also attract more investments into the sector,” Oyetola stated.
In closing, Oyetola called for a concerted effort from all stakeholders to support the Ministry’s vision for a thriving blue economy. He reiterated the importance of legal reforms, institutional strengthening, and stakeholder collaboration in achieving this vision. “Together, we can build a resilient and prosperous blue economy that benefits all Nigerians,” he said.
The seminar concluded with a renewed commitment from judges and other stakeholders to work collaboratively towards advancing the blue economy. The event underscored the critical role of legal and regulatory frameworks in shaping the future of Nigeria’s maritime sector and highlighted the potential for the blue economy to drive sustainable development and economic growth.