Oyetola Assumes Office, Aims For $1.5 Trillion Annual Revenue From Blue Economy

In a momentous inauguration ceremony, Mr. Adegboyega Oyetola officially took up the position of Minister of Marine and Blue Economy.

As he stepped into his new role, he vowed to collaborate closely with relevant stakeholders to forge a path towards generating a remarkable $1.5 trillion in annual revenue from his sector.

The former Governor of Osun State engaged with the management and staff of the ministry shortly after being sworn in, expressing his unwavering belief in the power of collaboration and dedication to public service.

Emphasizing the potential of collective efforts, he underscored that the attainment of set goals hinges upon a foundation of efficient and effective teamwork.

“It is with this conviction that I appeal for our collective commitment to operate as a unified team, working tirelessly to fulfill our mandate.

By joining forces, we can devise innovative solutions to surmount the challenges confronting us, ensuring the safety, dependability, and sustainability of our oceans and marine domains,” Minister Oyetola stated.

He highlighted the vast significance of oceans that cover over two-thirds of the planet’s surface, serving as a catalyst for sustainable economic growth, environmental conservation, and technological advancements.

Oyetola’s forward-looking vision is rooted in the conscientious management and utilization of marine resources, intending to fortify not only the national economy but also the global environmental landscape.

“Renowned experts estimate the global value of the Blue Economy to exceed $1.5 trillion annually.

Given our nation’s scale and the expansive reach of our blue economy, we ought to emerge as a prominent player in this sector.

By doing so, we can substantially contribute to national revenue generation and provide employment opportunities for our citizens,” the Minister asserted.

Oyetola further outlined the imperative of developing practical strategies to optimize the utilization of Nigeria’s inland rivers, lakes, and waterways.

This entails enhancing cargo shipment and passenger transportation, which can be realized through a comprehensive dredging campaign to ensure navigability.

In his address, Oyetola stressed the need for robust inter-agency cooperation and coordination among key entities such as the Nigerian Maritime Administration and Safety Agency, Nigerian Ports Authority, and Nigerian Inland Waterways Authority. Drawing upon his private sector background, the Minister underlined the significance of increasing private sector involvement while fostering operational efficiency through specialization and clearly defined roles.

He concluded by championing the prospect of driving transformative change and leaving a lasting legacy for generations to come.

Addressing his colleagues, Oyetola expressed appreciation for their dedication and expressed anticipation for a collaborative journey aimed at advancing the nation’s welfare and progress.

As Minister Oyetola takes the reins of the Marine and Blue Economy sector, his ambitious vision seeks to steer Nigeria towards a prominent role on the global stage, harnessing the vast potential of the Blue Economy for sustainable growth and development.

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