The Federal Government has announced plans to revive a national shipping carrier through a public-private partnership, while commencing the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF) to boost indigenous participation in Nigeria’s maritime industry.
Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, disclosed this while presenting the Ministry’s three-year scorecard, highlighting major reforms and interventions since President Bola Ahmed Tinubu created the ministry in August 2023.
Oyetola said the proposed revival of a national shipping carrier had reached an advanced stage, while the disbursement of the CVFF would enable Nigerian shipowners to acquire modern vessels and expand their operations.
“We cannot build a truly blue economy if Nigerians remain spectators in their own maritime industry,” the minister said.
He said the measures formed part of efforts to ensure that Nigerian businesses take a larger share of the country’s maritime value chain, which has largely been dominated by foreign operators.
Oyetola also said the government had expanded opportunities for Nigerians seeking careers in the maritime sector through increased seafarer training and sea-time placements.
According to him, the interventions contributed to an increase of more than 80 per cent in average seafarer earnings.
He added that the Ministry, through the Nigeria Port Economic Regulatory Agency, facilitated a N200,000 monthly minimum wage for maritime and shipping workers.
The minister said the administration’s reform agenda had produced gains across revenue generation, port infrastructure, maritime security, regulation, shipping, fisheries and inland-waterway safety.
He said agencies under the Ministry generated N1.83 trillion in 2025, representing a 160 per cent increase over the N700.79 billion recorded in 2023.
Oyetola attributed the revenue growth to regulatory reforms, improved revenue assurance, digitisation and efforts to block financial leakages.
He also identified the approval of Nigeria’s first National Policy on Marine and Blue Economy in May 2025 as a major milestone.
According to him, the policy provides a unified framework for shipping, fisheries, offshore energy, marine biotechnology and other emerging opportunities.
“This policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably,” he said.
On port development, Oyetola said the Federal Government had commenced a comprehensive upgrade of major seaports, including Apapa, Tin Can Island, Onne, Rivers, Calabar and Warri ports.
He said the projects involved channel improvements, modern cargo-handling infrastructure and increased digitisation of terminal operations.
The minister added that international assessments by the World Bank and S&P Global Market Intelligence ranked Tin Can Island Port 10th and Lagos Port Complex, Apapa, 12th among the world’s 20 most improved container ports between 2020 and 2025.
Oyetola said efforts to tackle congestion around Apapa had been strengthened through the electronic truck call-up system, dedicated holding bays and expanded inland barging.
He added that the acquisition of modern tugboats, pilot cutters and dredging equipment by the Nigerian Ports Authority had further improved operations.
“We have moved from managing congestion to building a port system that can compete globally,” he said.
The government, he said, was also pursuing deep-seaport projects in Akwa Ibom, Cross River, Bayelsa, Ondo, Lagos and Rivers states, while inland dry ports, including the Funtua Inland Dry Port in Katsina State, were being developed to bring cargo-handling services closer to businesses in the hinterland.
On regulation, Oyetola said the new Nigeria Ports Economic Regulatory Authority framework would strengthen economic regulation in the port sector.
He said interventions by the Ministry and its agencies had saved port users more than N86 billion in unjustified demurrage, while nearly 300 commercial disputes were resolved through Alternative Dispute Resolution.
The minister also pointed to gains in maritime security, saying Nigeria had recorded zero piracy in its territorial waters for four consecutive years, supported by assets deployed under the Deep Blue Project.
He said the achievement had helped to remove piracy-related surcharges on vessels calling at Nigerian ports.
Oyetola added that Nigeria regained its seat on the International Maritime Organization’s Category C Council in November 2025 after a 14-year absence.
Through the Nigerian Maritime Administration and Safety Agency, he said, Nigeria also secured the lifting of the 12-year United States Coast Guard Condition of Entry restrictions affecting vessels arriving from Nigerian ports.
“These achievements demonstrate that Nigeria is not only reforming its maritime sector at home; we are reclaiming our rightful voice and influence internationally,” he said.
The minister further said fish production reached 1.4 million metric tonnes in 2025, while Nigeria achieved 100 per cent compliance with Turtle Excluder Device requirements among inspected commercial shrimp trawlers.
He said the Ministry had also streamlined marine logistics under the Federal Government’s Naira-for-Crude policy, distributed thousands of lifejackets and introduced plans to replace unsafe wooden boats with modern fibreglass vessels.
Oyetola disclosed that the Ministry had digitised its internal operations through an Enterprise Content Management System and helped resolve a 16-year impasse that paved the way for the operationalisation of the Regional Maritime Development Bank in Nigeria.
According to him, the reforms of the past three years were laying the foundation for a stronger maritime economy capable of supporting trade, attracting investment and creating new opportunities for Nigerian businesses and communities.
“The blue economy is no longer an untapped frontier. It is becoming a major engine of national prosperity, regional competitiveness and sustainable growth,” Oyetola said.
