President Bola Tinubu has approved the disbursement of the Capital Reserve Financing Fund to Nigerian shipowners, enabling them to acquire vessels and expand their operations in a move expected to create at least 30,000 jobs in the maritime sector. Minister of Marine and Blue Economy Adegboyega Oyetola disclosed this at the Blue Economic Investment Summit in Abuja, organised by the Maritime Innovation Hub, under the theme “Shifting Gears: Heading to a New Frontier in the Maritime Economy.”
The initiative aims to boost local capacity and reduce foreign dominance in coastal shipping, a sector where Nigerian shipowners have long struggled with limited access to affordable financing, high capital requirements for vessel acquisition, and stiff competition from well-funded international operators. Oyetola stated that the president’s approval would enable Nigerian shipowners to access funds for vessel acquisition, cementing local capacity and significantly reducing capital flights associated with foreign dominance of coastal shipping.
For decades, foreign shipping companies have dominated Nigeria’s coastal and international shipping lanes, repatriating substantial revenues that could otherwise support domestic economic growth. The Capital Reserve Financing Fund is part of Nigeria’s broader effort to strengthen indigenous participation in the maritime sector, though past funding interventions have faced concerns around transparency, accessibility, and sustainability.
Oyetola also provided an update on the government’s plan to establish a national shipping carrier, stating that the government has secured the interest of international partners, including AD Ports Group, to bring the project to fruition. The proposed shipping line is expected to enhance Nigeria’s participation in global shipping while strengthening the country’s economic sovereignty and global competitiveness.
The minister also highlighted progress in food security, noting that fish production increased from 1.1 million tonnes to 1.4 million tonnes in 2025. He identified significant investment opportunities across the aquaculture value chain, including production systems, logistics, food processing, and export-oriented market development, areas that offer strong potential for private sector participation and job creation.
