The Federal Government has projected the creation of up to 50,000 jobs through the combined impact of the planned disbursement of the $700 million Cabotage Vessel Financing Fund and ongoing port modernisation projects, in a renewed push to strengthen Nigeria’s maritime sector. Minister of Marine and Blue Economy, Adegboyega Oyetola, said the CVFF initiative alone is expected to generate about 30,000 jobs by empowering indigenous shipowners with access to affordable financing for vessel acquisition and operations, while significantly reducing the dominance of foreign vessels in Nigeria’s coastal and inland shipping trade.
Speaking during the commissioning of the Institute of Maritime Studies Multipurpose Building at the University of Lagos, Oyetola reaffirmed the Federal Government’s commitment to advancing the marine and blue economy through sustained investment in infrastructure and human capital development. He noted that ongoing port modernisation projects are expected to create an additional 20,000 jobs while improving operational efficiency, reducing vessel turnaround time, and enhancing Nigeria’s competitiveness as a maritime hub in West and Central Africa.
The CVFF, established under the Cabotage Act, is designed to support Nigerian shipping operators in building capacity and improving competitiveness within the maritime industry. Oyetola stressed that with over 90 per cent of Nigeria’s trade conducted via maritime channels, the sector remains critical to economic diversification, job creation, and sustainable development. He added that the future of the blue economy would depend largely on the quality of human capital developed through institutions such as the Institute of Maritime Studies.
The newly commissioned facility, donated by the Nigerian Maritime Administration and Safety Agency, features modern lecture rooms, laboratories, and specialised equipment to support research, innovation, and training in maritime-related fields. Highlighting efforts to build manpower, the minister disclosed that 2,459 Nigerians have been trained under the Nigerian Seafarers Development Programme in countries including the United Kingdom, Egypt, the Philippines, India, and Romania, with 1,088 beneficiaries already earning their Certificates of Competency.
NIMASA Director-General, Dr Dayo Mobereola, said the agency is collaborating with eight Nigerian universities and international institutions such as the World Maritime University to deepen capacity development in the sector. He noted that strengthening the country’s offshore workforce would reduce reliance on foreign expertise and improve Nigeria’s global competitiveness. University of Lagos Vice-Chancellor, Professor Folasade Ogunsola, said the new facility would enhance teaching, research, and professional training in maritime law, shipping management, port operations, logistics, and marine environmental studies.
