Nigeria's ports are strategic national assets, not just ship berthing points: Minister Oyetola

Nigeria's ports must be viewed as strategic national assets capable of driving industrialization, attracting investment, and accelerating economic growth, according to Adegboyega Oyetola, the Minister of Marine and Blue Economy. Speaking at the 26th Maritime Correspondents Organisation of Nigeria (MARCON) Conference in Port Harcourt, Oyetola, represented by Kenechi Okaeze, Manager of Rivers Port Complex, stressed that the nation's maritime economy aspirations hinge on port efficiency.

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Our ports must be seen not simply as places where ships berth, but as strategic national assets capable of attracting investment, supporting manufacturing, expanding exports and ultimately accelerating economic growth.

"Our ports must be seen not simply as places where ships berth, but as strategic national assets capable of attracting investment, supporting manufacturing, expanding exports and ultimately accelerating economic growth," he stated. Drawing parallels with global trading nations like Rotterdam, Singapore, Shanghai, and Dubai, Oyetola noted their economic prosperity stemmed from deliberate investments in efficient transport and logistics systems. He asserted that Nigeria needs a similar approach for its Special Economic Zones (SEZs) to achieve their goals of attracting investment, promoting manufacturing, creating jobs, and diversifying the economy.

The minister underscored that the success of SEZs is intrinsically linked to the efficiency of their supporting ports. "A Special Economic Zone without an efficient port system is much like an airport without a runway. The vision may be compelling, but its potential can never be realised," he explained. Optimizing port infrastructure, he clarified, involves more than just physical expansion; it encompasses technology, connectivity, governance, operational efficiency, and competitiveness.

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A Special Economic Zone without an efficient port system is much like an airport without a runway. The vision may be compelling, but its potential can never be realised.

Oyetola concluded by stating that modern ports are better judged by the speed of cargo clearance, service reliability, and investor confidence. "In today’s competitive trading environment, investors consider logistics costs, turnaround time, predictability and efficiency before deciding where to locate their businesses. Every unnecessary delay at the port increases logistics costs, weakens competitiveness and discourages investment," he said. He also mentioned the government's commitment to digital transformation through the Port Community System and improving channel management and dredging to enable Nigerian ports to handle larger vessels, reduce turnaround times, and lower business costs.

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In today’s competitive trading environment, investors consider logistics costs, turnaround time, predictability and efficiency before deciding where to locate their businesses. Every unnecessary delay at the port increases logistics costs, weakens competitiveness and discourages investment.