Post by Trade Coach on Oct 28, 2023 23:53:45 GMT 1
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has said his ministry would make efforts to play a critical role in Nigeria’s quest to earn foreign exchange (FX) to strengthen the Naira which continues to depreciate against the US Dollar.
He made this known while speaking in Lagos on Wednesday at the official commissioning of Nigeria’s Seafarers’ Centre rebuilt by the Nigerian Ports Authority (NPA) this week.
Oil sales contribute more than 80 per cent of the forex earnings of the country. The dwindling contribution of the commodity to the Nigerian economy is largely responsible for the current FX crisis as the country cannot maximize the mainstay due to crippling theft, underinvestment, and continuous pipeline vandalism.
Mr Oyetola said his ministry was determined to improve the country’s balance of trade by promoting export, which is crucial to earning forex and strengthening the value of the Naira.
According to him, his ministry was poised to enhance the maritime sector to enable it to add value to the national economy.
He said the overhauling and commissioning of the seafarers’ centre was part of the ministry’s effort to give Nigerian ports a comparative advantage.
“The reconstruction of this facility will scale up Nigeria’s rating in the global maritime community. With increasing global competition, it has become imperative for nations to make a conscious effort to deepen the competitiveness of their ports,” Mr Oyetola said.
He said that the idea behind the rebuilding of the purpose-built facility, designed to provide vital social, psychological, and emotional support to crewmen and women who drive global trade in and out of Nigeria, was to equip seafarers and all maritime workers with the enabling tools to tackle and overcome work-related challenges.
He then challenged all heads of maritime agencies to be more audacious and innovative in spearheading smart initiatives that will create opportunities and open up new vistas of growth.
The Minister also commended the NPA management for its visionary intervention in transforming the facility, which was in poor condition at the beginning of the year.
Source: businesspost.ng/economy/oyetola-targets-using-blue-economy-to-tackle-fx-crisis/
He made this known while speaking in Lagos on Wednesday at the official commissioning of Nigeria’s Seafarers’ Centre rebuilt by the Nigerian Ports Authority (NPA) this week.
Oil sales contribute more than 80 per cent of the forex earnings of the country. The dwindling contribution of the commodity to the Nigerian economy is largely responsible for the current FX crisis as the country cannot maximize the mainstay due to crippling theft, underinvestment, and continuous pipeline vandalism.
Mr Oyetola said his ministry was determined to improve the country’s balance of trade by promoting export, which is crucial to earning forex and strengthening the value of the Naira.
According to him, his ministry was poised to enhance the maritime sector to enable it to add value to the national economy.
He said the overhauling and commissioning of the seafarers’ centre was part of the ministry’s effort to give Nigerian ports a comparative advantage.
“The reconstruction of this facility will scale up Nigeria’s rating in the global maritime community. With increasing global competition, it has become imperative for nations to make a conscious effort to deepen the competitiveness of their ports,” Mr Oyetola said.
He said that the idea behind the rebuilding of the purpose-built facility, designed to provide vital social, psychological, and emotional support to crewmen and women who drive global trade in and out of Nigeria, was to equip seafarers and all maritime workers with the enabling tools to tackle and overcome work-related challenges.
He then challenged all heads of maritime agencies to be more audacious and innovative in spearheading smart initiatives that will create opportunities and open up new vistas of growth.
The Minister also commended the NPA management for its visionary intervention in transforming the facility, which was in poor condition at the beginning of the year.
Source: businesspost.ng/economy/oyetola-targets-using-blue-economy-to-tackle-fx-crisis/
