Oyetola: Refloating National Shipping Carrier project records major milestone
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced significant progress toward the refloating of a national shipping carrier, marking a major step in strengthening Nigeria’s maritime industry.
Oyetola made the disclosure on Thursday during the Ministry’s three-in-one stakeholders’ engagement and performance retreat in Lagos, where he outlined ongoing efforts to boost indigenous shipping capacity.
“I am pleased to inform you that we have made significant progress toward the refloating of a National Shipping Carrier,” he said.
The Minister revealed that the government has secured the interest of leading international partners, including AD Ports Group and DP World, to collaborate on the initiative.
“We have secured the interest of reputable international partners who are collaborating with us to bring this vision to fruition,” he added.
According to him, the proposed national carrier will play a critical role in reducing Nigeria’s dependence on foreign shipping lines, retaining maritime value within the domestic economy, and generating employment opportunities.
He linked the initiative to other strategic interventions, including the imminent disbursement of the Cabotage Vessel Financing Fund (CVFF), aimed at empowering indigenous shipowners and strengthening local capacity.
“By empowering local operators, we are strengthening national capacity and positioning Nigeria for greater participation in global shipping,” he said.
Greg Ogbeifun, MD of Starzs Marine and Engineering Ltd., has sounded the alarm on Nigeria's shipping industry, urging the country to revive its international shipping presence. He warned that relying on foreign vessels costs Nigeria $8-$9 billion annually, citing regulatory hurdles like stringent national carrier requirements as major obstacles for local players.
Ogbeifun pointed out that shipowners face tough requirements, including providing full vessel details without guaranteed cargo, to get national carrier status. He believes Nigeria's lack of indigenous vessels in global trade is a significant structural gap that needs urgent attention.
Aiso Captain Sunday Umoren, Secretary-General of the Abuja MoU, has called for stronger collaboration among stakeholders to boost Nigeria's maritime sector. He emphasized that the Abuja MoU's goals align with Nigeria's maritime policy objectives, including international compliance, safety, and environmental protection.
Umoren stressed that stakeholders' actions impact the ministry's performance, urging collective effort to achieve policy goals. He highlighted the need for coordination, enforcement, and capacity building among government agencies, industry players, and regional partners to ensure a sustainable blue economy.
Stakeholders at the event described the development as long overdue.
The stakeholder also mentioned that the successful revival of a national carrier would significantly enhance Nigeria’s competitiveness in international trade and reposition the country as a key maritime hub in the region.
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