The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced in Lagos on Thursday that the Nigerian Maritime Administration and Safety Agency, in collaboration with maritime stakeholders, has finalized plans to disburse the $350 million (N525 billion) Cabotage Vessel Financing Fund.
Oyetola stated that the Nigerian Ports Authority port rehabilitation projects are expected to create over 20,000 jobs.
Oyetola made these remarks during an interactive session with editors of print media organizations in Lagos.
He emphasized that seaport modernization is a key priority for the Tinubu administration.
The minister stated that the government is supporting private investors to enhance participation in greenfield port projects, including Badagry, Ilaje, Olokola, Agge, Ibaka, Burutu, Snake Island, and Bakassi deep seaports, along with the development of river ports and jetties across the country.
He noted that the disbursement of the CVFF would help indigenous shipping operators acquire new vessels and boost capacity.
Nigeria is estimated to lose a staggering N1 trillion annually due to the non-disbursement of the fund.
Section 44, Part VIII of the Cabotage Act 2003 establishes the Cabotage Vessel Financing Fund (CVFF), funded by a 2% deduction from cabotage-protected trade earnings to support the development of indigenous shipping capacity in Nigeria.
Oyetola stated that his ministry is developing a transparent and accountable template for the fund’s disbursement, adding that efforts are underway to involve development banks in the process.
“I am glad to inform you that NIMASA is working on this and has almost completed the process,” he stated.
Oyetola stated that inland dry ports are being developed nationwide to enhance trade facilitation.
He noted that these ports serve as cargo handling and clearance hubs, improving logistics efficiency and access to international markets.
“Recently, the Funtua Dry Port in Katsina State was commissioned. Also, similar facilities in Kano and Kaduna are already supporting trade operations.
“Dry port development in Abia, Plateau, and Borno states are at various stages of development, to further strengthen the nation’s trade infrastructure. Additional dry ports in Oyo, Ogun, and other states are planned,” he said.
The Minister further said that the ministry is collaborating with the Federal Ministries of Transportation and Works to rehabilitate internal access roads and enhance port connectivity, aiming to reduce congestion and transit time.
“Furthermore, we are leveraging the Lagos-Calabar Coastal Highway to drive blue tourism, support fisheries industries, and promote eco-tourism.
“To further enhance trade facilitation, the government is implementing the National Single Window (NSW) project.
“This digital platform will streamline trade compliance processes, link ports with relevant government agencies and stakeholders, and create a seamless, efficient system,” he stated.
