In a landmark move to enhance safety on Nigeria’s inland waterways, the Hon. Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, on Tuesday April 29, 2025, officially flagged off the distribution of 42,000 life jackets to waterway users across 12 selected riverine states. The initiative, flagged off at a ceremony in Minna, Niger State, is aimed at curbing the alarming rate of boat mishaps and fatalities in the country’s riverine areas.
Each of the beneficiary states will receive 3,500 life jackets in the first phase of this strategic safety intervention by the Federal Ministry of Marine and Blue Economy. The initiative is one of the most comprehensive federal responses in recent times to the persistent loss of lives on Nigeria’s waterways.
“This event transcends mere ceremony; it embodies our unwavering commitment to safeguarding the lives and livelihoods of Nigerians who rely daily on our inland waterways,” Oyetola said in his address, emphasizing that the life jackets distribution is a proactive, life-saving response to the recurring boat accidents.
Citing the rising incidence of mishaps due to human error, poor equipment, and non-compliance with safety measures, the Minister called the trend a national emergency and underscored the urgent need for collective action. He also highlighted the government’s introduction of the Inland Waterways Transportation Regulations, 2023 — also known as the Waterways Transportation Code — aimed at standardizing operations, enforcing compliance, and creating a more structured environment for investment and safety.
Also speaking at the ceremony, Niger State Governor Mohammed Umaru Bago, who was represented by the Speaker of the State House of Assembly, Rt. Hon. Abdulmalik Sarkin-Daji, lauded the Minister for launching the campaign in Niger State. He described the state as a “critical focal point” in the battle against waterway mishaps, revealing that Niger State recorded the highest casualties from boat accidents in 2024.
“The state government is determined to address this issue frontally through strict enforcement and proactive intervention,” Sarkin-Daji said.
Permanent Secretary of the Federal Ministry of Marine and Blue Economy, Mr. Olufemi Oloruntola, reiterated the importance of wearing life jackets, noting that while vessel owners and operators are legally responsible for providing them, the government has stepped in to bridge the gap.
“Our mission here today is to reiterate and encourage the use of lifejackets by all inland water travelers. Safety on our waters is the first rule and remains a government priority. It deserves the cooperation of all,” Oloruntola stated. He urged continuous sensitization and public education to promote life jacket usage.
In addition to the life jackets, the Niger State Commissioner for Transport, Hajiya Hadiza Idris Kuta, expressed appreciation to the Federal Ministry of Marine and Blue Economy for also donating three passenger boats, a water ambulance, and a patrol boat, through the National Inland Waterways Authority (NIWA) to bolster the state’s marine safety efforts.
Goodwill messages were delivered by key stakeholders, including the representative of the Etsu Nupe and Chairman of the Niger State Council of Chiefs, Brig. Gen. Yahaya Abubakar (Rtd); the Chairman of the Niger State House Committee on Transport; the Chairman of the Association of Boat Operators in Niger State; as well as representatives of boat commuters and community leaders. All the speakers commended the Ministry for its strategic and timely intervention.
As the flag-off concludes and distribution begins, the Federal Government is calling on state authorities, traditional institutions, waterway users, and transport operators to fully embrace the initiative, comply with safety standards, and promote a culture of accountability and preparedness across Nigeria’s inland waterways.
$350m Cabotage Fund: Commendable Move By Minister of Marine and Blue Economy
After over 20 years of stagnation, the Minister of Marine and Blue Economy, Adegboyega Oyetola, has reportedly directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that will lead to the disbursement of the Cabotage Vessel Financing Fund (CVFF).
Originally, the CVFF, which is part of the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower local Nigerian shipping companies to access structured financing for vessel acquisition.
Though the immediate past administration of President Muhammadu Buhari approved the disbursement of approximately N16 billion and $350 million from the fund, this was not to be as it was never done.
According to Special Adviser on Media and Communications to Oyetola, Dr. Bolaji Akinola, “under the visionary leadership of President Bola Tinubu and the determined stewardship of Oyetola, the federal government has signaled a deliberate course correction. The disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.
“This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history. For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically.”
Already, NIMASA has issued a Marine Notice inviting eligible Nigerian shipping companies to apply. Qualified applicants can access up to $25million each at competitive interest rates to acquire vessels that meet international safety and performance standards. The fund will be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.
While we commend the federal government for this move, we advise that proper monitoring should be put in place to ensure that only those qualified can access the funds and the accessed funds are used for the right purposes.
DECEMBER 16, 2024:
Indigenous ship-owners lose hope over disbursement of $350m CVFF
Indigenous ship-owners have told the Nigerian Tribune that they have lost hope in the disbursement of the $350m Cabotage Vessel Financing Fund (CVFF) any time soon.
Generated from a surcharge of 2 percent of the contract sum performed by vessels engaged in coastal trade, the CVFF was established by the Coastal and Inland Shipping Act 2003 for the purpose of developing indigenous ship acquisition capacity, and to provide financial assistance to indigenous/domestic coastal shipping operators.
Speaking with the Nigerian Tribune exclusively in Lagos, the National President of the Nigerian Shipowners Association (NISA), Mr. Sola Adewunmi revealed that many of the association members have lost hope in the disbursement of the fund.
According to the NISA President who is also the Chief Executive Officer, Equatorial Energy Company, “Yes, we have had series of meetings on the CVFF disbursement with officials of the Ministry of Marine and Blue Economy, but I can confirm to you that nothing has come out from those meetings.
“The meetings have focused on how the money will be disbursed, the modalities that will be used. At a point, an international consultant was brought in to discuss with us how the money will be disbursed.
“It was part of the Key Performance Indicators of the Ministry of Marine and Blue Economy that the money should be disbursed before the end of 2024. However, here we are at the end of the year, nothing has happened.
“We at NISA are totally disappointed with government over the CVFF disbursement. We are not impressed at all with all what has been done. We have indigenous ship-owners who cannot buy ships. There is no indigenous ship-owner today that is willing to go and borrow money at 37 percent just to buy a vessel. There is no indigenous ship-owner today in Nigeria that is ready to take such a risk to go and borrow money given the time range that will be placed on such loan for repayment,” he said.
When asked if he believes the fund is still intact, the NISA National President stated, “Yes, people have been saying the money is no longer there. That it has been used for other purposes. But the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dayo Mobereola has debunked such claims and has insisted that the money is still there. So, we are still waiting and will continue to wait for them to disburse.”
When asked if he sees any hope of disbursement taking place next year, Mr. Sola Adewunmi explained: “The zeal that was there before is no longer there. indigenous ship-owners have started looking for other alternatives to survive. There is no hope next year that the fund will be disbursed. If it comes, fine, but my members are no longer waiting for it. Many have moved on with their lives through other means.”
Snake Island free zone to get area command – Customs
The Comptroller-General of Customs, Adewale Adeniyi, has pledged to establish a new Customs Area Command at the Snake Island Integrated Free Zone.
In a statement on Sunday, the CGC stated this during an official visit to the facility last week.
Adeniyi expressed delight at the level of investment made on the island and commended Nigerdock, a maritime and logistics company and operator of the SIIFZ, for its Corporate Social Responsibility projects.
He stated that the service is in the final stages of documentation to establish a dedicated command at the Free Zone, “which will enhance operations and strengthen regulatory presence.”
“We are just at the stage where we are finalising all the documentation, and I am very sure that by the next time I visit this place, I’ll be received by a Customs Area Controller,” the CGC stated.
In his remarks, the Managing Director of SIIFZ, Semiu Akorede, expressed appreciation for the service’s support and highlighted the significance of the visit to the zone’s operational growth.
“Your presence here today is going to add a lot of value. We have enjoyed the support of customs officers who are working with us here, and those who come here to carry out some operations, and I can confirm to you that we have been working together without any rancour. The consolidation of the activities we are asking for is going to assist in ensuring that we have a seamless operation moving forward,” he concluded.
Tinubu Approves National Policy on Marine and Blue Economy
President Bola Tinubu has approved Nigeria’s 10-Year National Policy on Marine and Blue Economy, covering the period from 2025 to 2034. The endorsement came during the Federal Executive Council meeting held in Abuja on Monday.
The policy is structured with a comprehensive implementation plan aimed at unlocking the country’s marine potential to stimulate economic development. With a coastline stretching over 853 kilometres, Nigeria is well-positioned to leverage its maritime domain for broad-based growth.
A key feature of the policy is its financing model. Implementation will rely primarily on private sector investment, with supplementary funding from other sources. This approach aligns with President Tinubu’s broader economic strategy to encourage increased private sector participation across critical sectors.
Developed by the Ministry of Marine and Blue Economy, the policy outlines a vision for Nigeria to emerge as both a regional and global leader in the blue economy. It focuses on areas such as sustainable investments, port development, infrastructure expansion, and improved governance within the maritime space.
Minister of Marine and Blue Economy, Adegboyega Oyetola, described the new policy as a comprehensive and inclusive framework that will strengthen maritime administration and elevate the sector’s contribution to the national economy.
He noted that the policy is in sync with the objectives of Africa’s Agenda 2063 and is intended to establish the marine and blue economy as a cornerstone of Nigeria’s long-term prosperity.
Oyetola acknowledged the expertise that informed the development of the policy, citing contributions from industry professionals, academics, and researchers. He said the collaborative approach underscores the ministry’s resolve to nurture sustainable growth in the sector.
“This confirms the ministry’s focus and steadfast commitment to the advancement of this important industry,” he said.
The minister stressed the potential of the blue economy to stimulate economic activity, particularly in Nigeria’s coastal communities, where marine-related industries could serve as powerful engines of job creation and wealth generation.
“The National Policy on Marine and Blue Economy marks a defining moment in our efforts to reposition Nigeria as a major maritime force,” he said. “It enables us to explore the untapped wealth of our oceans, generating sustainable benefits for the country and expanding opportunities for all Nigerians.”
The policy also sets out specific strategies for safeguarding marine ecosystems from pollution and mitigating the effects of climate change. It seeks to ensure responsible management of marine assets to preserve Nigeria’s aquatic biodiversity while promoting environmentally sound economic practices.
As part of the government’s wider commitment to blue economy development, the policy addresses key challenges including marine pollution, overfishing, and coastal degradation. It also underscores the need for modern technologies to improve the productivity and resilience of maritime industries.
This initiative reflects a growing global recognition of the ocean’s economic importance and the need to use marine resources in a sustainable manner. Industry observers believe the policy will not only advance Nigeria’s economic diversification efforts but also improve its standing in the international maritime arena.
The federal government is expected to unveil detailed implementation guidelines in the coming months, with a particular emphasis on fostering private sector engagement and reinforcing Nigeria’s position as a maritime leader on the African continent.
$700m CVFF Fund: APFFLON Writes Oyetola, Calls for Verification of Credit Ratings Of Shipowners Before Disbursement
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has called on the Minister of Marine and Blue Economy, Adegboyega Oyetola to carry out thorough verification of credit ratings of Nigerian shipowners before going ahead to disburse the Cabotage Vessel Financing Fund (CVFF).
In a letter to the Minister, dated 30th April 2025, signed by President of APFFLON, Otunba Frank Ogunojemite, the association, urged the Minister to avoid the experience of the past where ship acquisition funds were mismanaged and the aim for which the funds were disbursed defeated.
Recall that Minister Oyetola had recently directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to disburse the controversial CVFF Fund, to which NIMASA has assured that the fund would now be disbursed in August 2025 after years of failed attempts.
According the disbursement ratio issued by NIMASA, the agency is to provide 50% of the funding, Primary Lending Institutions contribute 35%, and shipowners provide the remaining 15% as equity.
APFFLON commended the Minister for his determination to change the face and the fortune of the marine and blue economy sector of the economy and for breaking the CVFF jinx in order to reposition the sector as number one economic enabler, a catalyst for job creation and foreign exchange earner for the country.
“However, much as we applaud you for this giant step, we equally call for caution in disbursing this fund to the beneficiaries. This is with a view to avoiding the experience of the past where funds such as this were mismanaged and the aim for which the funds were disbursed defeated.
“While we are not against the disbursement of this fund, we however, call for the verification of the ship owners who are to benefit from this fund to ensure that they are in business and viable enough to be entrusted with such an amount of money as it’s obvious some of them are out of business and some of them moribund.
“We advised that before the fund is disbursed to the beneficiaries, a committee should be set up to verify their credit ratings of the ship owners and ensure that they are not indebted to any financial institution both locally and abroad to avoid diverting the fund to loans repayment, thereby defeating the intent for which the fund was given in the first place.
“This we advised knowing that some of them had taken loans even from financial institutions abroad and if this money is disbursed to them, they may not make use of the money accordingly.
“The government should be very critical about credit ratings of each and every one of them before disbursing this money. We say this because, if you disburse the money and the expectations were not met, what then is the essence of the money being disbursed? Nothing but to add to the problem.
“You will recall, Honourable Minister, that fund such as this, codenamed Ship Acquisition and Ship Building Fund was given out to the ship owners in the past to build capacity and turn around the sector, the fund was not only mismanaged, the fund which was in the neighborhood of $2 million to $2.5 million per ship owner was diverted by some of the beneficiaries to marrying many wives and taking chieftaincy titles with nothing to show for it in the long run.
“The reason given above as well as many others informed our writing you at this auspicious moment to ensure that due diligence is done to sift the real ship owners who needed this fund to improve on their operations and those masquerading as ship owners waiting for free fund to fund their lavish lifestyle.
“We must take every necessary step this time around to get it right so that Nigeria could build enough capacity in the area of ship building and ownership and in turn, gainfully engage our teeming maritime students and graduates in profitable ventures as well as reduce the freight cost for Nigerian bound cargo.
“We also advise that even when this fund is finally disbursed, it should be closely monitored by the ministry to ensure that the fund is channeled to the aim for which it was disbursed in the first place otherwise the rationale behind its disbursement will not be achieved.
“As patriotic citizens of Nigeria, we are concerned about the experience of the Ship Acquisition and Ship Building Fund hence we wouldn’t want a repeat of the ugly experience which had taken Nigeria many years backwards in its journey to self attainment and sustenance in the area of ship ownership. We call for due diligence, proper verification of the would be beneficiaries and continuous follow up to ensure that the aim is not defeated.
“While we thank you once again for the many reforms that you are bringing to the sector, we assure you of our unwavering support as you steer the ship of the marine and blue economy sector to the promised land. We will cooperate with you in any way possible to build a maritime industry of our dreams. We want you to know that you have a trusted partner and ally in us and that you can always count on us” the letter read.
NNPC, Stena Bulk, Caverton partner to launch UNITY Shipping Worldwide
THE Nigerian maritime industry is on the cusp of transformation, as the Nigerian National Petroleum Company (NNPC) has partnered Swedish global shipping agency, Stena Bulk and Nigerian marine and aviation logistics firm, Caverton, to launch UNITY Shipping Worldwide (USW).
Over the years, Nigeria’s maritime activities have evolved from simple trade systems in the 19th century to more structured advancements with the establishment of institutions such as the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA). However, attempts to establish a national fleet, such as the now-defunct Nigerian National Shipping Line (NNSL), have met with financial insolvency and operational hurdles.
Currently, Nigeria, the eighth-largest oil exporter globally, does not have a national fleet — a gap that the new venture is designed to fill. Considered a crucial advancement for the Nigerian maritime sector, which has faced challenges in securing a substantial foothold on the international stage, the partnership, formalised last month, promises to reinvigorate Nigeria’s shipping prowess on a global stage, aligning with the government’s vision of a thriving, profitable oil sector.
The announcement comes at a time when the global oil shipping demand is at an all-time high, with shipping playing a crucial role in the sustained global demand for energy. West Africa, with Nigeria as a significant contributor, exports approximately 3.8 million barrels of oil per day, underscoring the region’s vital role in energy logistics.
This blend of Nigerian entrepreneurship and global maritime expertise is represented by Caverton, a logistics giant with an impressive market share in the regional oil and gas sector.
With experience catering to major players like Nigeria LNG, Shell, Chevron, and Total, Caverton is well-placed to steer this joint venture toward success. Joining forces with Stena Bulk, known for its global shipping innovations and profitable joint ventures like the Stena Sonangol Suezmax Pool, the partnership harnesses a powerful maritime heritage.
At the formalisation meeting of Unity Shipping Worldwide held at the NNPC Tower, Abuja, NNPC were Senior Management Team led by the Group CEO Bayo Ojulari. During his brief remarks, he stated that “NNPC is geared for major transformation and the ambitions set out are very clear. Shipping is a critical part of this transformation and he looks forward to journey as it will be a historic and unprecedented journey for the industry and for the NNPC with support from all levels of government.”
Commending the partnership for reigniting the country’s shipping identity and aligning with the government’s vision for local content participation, Nigeria’s Petroleum Minister, Heineken Lokpobiri, celebrated the venture as a bold move to revolutionize the energy sector and fortify Nigeria’s economic standing globally.
During a presentation visit of the Unity partners in Abuja the minister said “Unity Shipping Worldwide is evidence of President Bola Tinubu’s vision and was made possible by his leadership and vision in industrial reforms. It reflects the kind of impact-driven collaboration that we believe will transform the energy sector and strengthen Nigeria’s economic position.”
He added “For us to maximise expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another.
“Whatever we need to do as a government and as shareholders will be done to ensure that NNPC has the best deal in the overall interest of Nigerians. We will support this partnership with every power that we have. So, congratulations to all the parties as we look forward to seeing how this will be implemented for the benefit of all of us,” he stated.
Equally endorsed by Minister of Marine and Blue Economy, Adegboyega Oyetola while welcoming the UNITY Shipping partners at the Ministry of Marine and Blue Economy, Oyetola said the initiative mirrors the administration’s aspirations for indigenous shipping participation and international collaboration in maritime operations.
According to him, the collaboration is laudable, particularly the detailed presentation of the business model of operations. “I am excited today,” he said. “Having lost the moribund Nigerian National Shipping Line, NNSL, a committee was set up by the Ministry to see the possibility of bringing back a national flag carrier shipping line that is based on Private Public Partnership (PPP). I don’t believe government should get involved in running some of the activities as I believe it is better to allow a private sector leader such as Caverton to help drive a venture like this.”
Oyetola reiterated government support in encouraging indigenous efforts “this is a perfect and laudable achievement in line with President’s agenda’.
The CEO of Caverton, Olabode Makanjuola, believes the venture represents the culmination of years of planning. Noting a formidable blend of local knowledge and global best practices, Unity Shipping Worldwide, he continues, is set to benefit not only Nigeria but also the wider sub-Saharan African region.
Affirming the company’s readiness to deliver on the objectives of Unity Shipping Worldwide, he said:
“This joint venture – the result of close to a decade of planning – marks a significant stride in enhancing Nigeria’s maritime capabilities. By combining local knowledge with international best practices, we are establishing a world-class operation that will benefit not only Nigeria but the entire Sub-Saharan Africa region.”
According to him, “It has indeed been a labour of love. I am indeed humbled and grateful that a lot of this is culminating under the present administration, and we assure you of our commitment to develop shipping capacity in line with best practices for Nigeria.”
UNITY represents a practical example of the government’s local content aspirations becoming reality. I am pleased to see a Nigerian company (Caverton) at the heart of this strategic partnership. It is not only a reflection of our commitment to inclusive development but also ensures national participation.”
It was gathered that NNPC made a critical decision back in 2018 to consolidate its shipping capabilities under NNPC Shipping Limited (NSL). The aim was to streamline operations and build a fleet comparable to global shipping leaders. In 2025, however, this vision has taken shape with the approval and subsequent signing of a joint venture with Stena Bulk and Caverton.
President and CEO of Stena Bulk, Erik Hånell, expressed excitement at the collaboration, which he believes will significantly contribute to operational excellence and sustainability within Nigeria’s evolving energy sector.
“We’re excited to partner with NNPC and Caverton Marine in this ground breaking venture. This collaboration aligns perfectly with our pragmatic strategy of expanding our presence in key growth markets while maintaining our high standards of operational excellence and sustainability. Nigeria’s energy sector is undergoing remarkable transformation, and we’re proud to be part of this journey.”
He added, “I am sure that with the impact this can potentially have for shipping in Nigeria and to carry Nigerian oil to the rest of the world, we are embarking on a journey to achieve the goals that you set up as a government.”
Also present at the fomalisation event was Panos Gliatis, Managing Director of NNPC Shipping. He said. “This strategic partnership marks a significant milestone in NNPC’s commitment to modernising Nigeria’s maritime infrastructure. By combining our expertise with Stena Bulk and Caverton Marine, we’re creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria’s position in global energy logistics.”
This strategic alignment is more than a commercial endeavour; it’s a strategic advancement that restores Nigeria’s global maritime footprint. The success of UNITY Shipping Worldwide will depend on collaborative innovation and robust operational agility, pushing the nation closer to achieving self-reliance in shipping capacities, safeguarding its position within the global energy landscape, and underscoring its economic aspirations.
