Minister: Wreck removal exercise will boost investment opportunities in maritime sector

The Minister of Transportation, Mr Rotimi Amaechi, says the Federal Government has extended the Lagos-Ibadan Modernisation Project from its original destination at Ebutte Meta to Lagos Ports.

The minister of transportation, Rotimi Amaechi, says the ongoing removal of wrecks will boost investment opportunities in Nigeria’s maritime sector.

Amaechi said this on Friday at the official launch of the removal of wrecks along the Badagry creek from Tincan Island to Navy Town, Lagos.

The minister commended Bashir Jamoh, director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA), for coming up with the wreck removal idea.

“This creative venture of clearing our waters of wrecks and derelicts, apart from guaranteeing better safety of navigation, opens up the prospects of many new investments in the maritime industry,” Amaechi said.”

“This would tremendously help the federal government’s economic diversification drive and enhance Nigeria’s standing within the global maritime community.”

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In his remarks, Jamoh said the successful removal of the wrecks and derelicts would restore confidence in Nigerian waters, and eliminate obstacles to smooth, safe, and profitable navigation.

Jamoh said the commencement of the wreck removal exercise was another milestone in the incremental achievement of the Triple S strategy of the current management of NIMASA, which is anchored on maritime safety, maritime security, and shipping development.

“These wrecks inhibit the operation of shipping companies, which constantly strive to increase efficiency in order to remain in business,” he said.

“As a result, most of the shipping companies usually avoid operating or investing in areas where navigational hazards are identified due to high insurance premium charges.”

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He said with the elimination or reduction of the costs associated with insurance, survey and charting of wrecks, the cost of shipping will drop to the benefit of mariners and other stakeholders in the maritime industry.

“It is pertinent to state that the benefits that would be derived upon completion of the exercise extend to other areas of maritime core functions, such as search and rescue services, cabotage monitoring, as well as prevention and mitigation of marine pollution,” he added.

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