Nigeria’s quest of refloating shipping carrier attracts AD Ports Group and Dubai Ports World – Oyetola

Nigeria’s Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, says the nation’s quest in refloating a national shipping carrier has attracted interest of reputable international partners, including AD Ports Group and Dubai Ports World, who are collaborating with us to bring this vision to fruition.

Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, disclosed this while speaking on Thursday at the ministry’s combined citizens and stakeholders’ engagement, sectoral performance and ministerial retreat in Lagos.

Dr. Oyetola informed that the two entities had also expressed strong interest in investing in the development and modernization of our port infrastructure.

The minister pointed out that the approval for the disbursement of the Cabotage Vessel Financing Fund (CVFF) and the launch of the CVFF application portal on 22nd of January 2026 mark a turning point in the commitment to the full implementation of the Cabotage Act.

Oyetola, who listed various achievements by his ministry, said “Another milestone is my approval for the disbursement of the Cabotage Vessel Financing Fund (CVFF) and the launch of the CVFF application portal on 22nd of January this year. This marks a turning point in our commitment to the full implementation of the Cabotage Act. By empowering indigenous shipowners with access to financing, we are strengthening local capacity, creating jobs, retaining maritime value within our economy, and reducing dependence on foreign shipping interests.

“I am pleased to inform you that, in addition to the imminent disbursement of the Cabotage Vessel Financing Fund (CVFF), we have made significant progress toward the refloating of a National Shipping Carrier. We have secured the interest of reputable international partners, including AD Ports Group and Dubai Ports World, who are collaborating with us to bring this vision to fruition.

“I am further pleased to note that these entities have also expressed strong interest in investing in the development and modernization of our port infrastructure.”

On the port modernization, he said the modernisation programme is not limited to ports in Lagos but a nationwide initiative, stressing that inclusive infrastructure development remains central to the Ministry’s mandate.

“Let me address a concern that has been raised in some quarters — that our focus is limited to Lagos ports. This is not the case,” he said.

He disclosed that procurement processes are already underway for the modernisation of ports in Warri, Port Harcourt, Onne, and Calabar, alongside the approved upgrades for Apapa and Tin Can Island ports.

“We are committed to a balanced and inclusive development of port infrastructure across the country,” Oyetola emphasised.

The Minister explained that the modernisation effort goes beyond infrastructure, describing it as “a transformative intervention” by the administration of President Bola Ahmed Tinubu that will enhance port efficiency, reduce vessel turnaround time, and improve cargo handling capacity.

He further revealed that approvals have been granted for the development of new deep seaports in Bayelsa, Cross River, Akwa Ibom, and Ondo States.

“These projects will expand Nigeria’s maritime capacity, decongest existing ports, open up new economic corridors, and position our country as a leading maritime gateway in Africa,” he said.

Oyetola noted that the initiative aligns with the Federal Government’s broader economic diversification agenda and is expected to stimulate trade, reduce the cost of doing business, and attract investment across multiple sectors.

On the efforts of the ministry to deepen regulatory effectiveness, Oyetola said “we are advancing the Nigerian Port Economic Regulatory Agency Bill. This initiative is designed to transform the Nigerian Shippers’ Council into an independent economic regulator for our port system. The objective is to ensure fairness, protect both service providers and users, and create a more transparent and efficient port environment.”