By Folarin Kehinde, Abuja
The Federal Government has reaffirmed its determination to end the long-standing dominance of foreign operators in Nigeria’s shipping industry by strengthening indigenous shipowners through targeted policies, regulatory support and improved access to maritime financing.
The assurance came as the ministry highlighted far-reaching reforms and policy actions undertaken since Oyetola assumed office in August 2023, with 2025 described as a defining year for the sector.
Speaking on behalf of the minister, his Special Adviser on Media and Communications, Dr Bolaji Akinola, in a press statement on Wednesday, said the current administration is determined to dismantle structural barriers that have historically disadvantaged Nigerian shipowners while providing the financial, regulatory and institutional support required for sustainable growth.
According to Akinola, the long-awaited activation of the Cabotage Vessel Financing Fund (CVFF) in 2025 represents a major turning point for indigenous operators who have struggled for over two decades to access affordable long-term financing.
“For more than 20 years, Nigerian shipowners watched helplessly as the CVFF remained idle. Its disbursement, approved under Minister Oyetola’s leadership, is a clear signal that this administration is serious about building indigenous shipping capacity,” he said.
He explained that access to the fund would enable local operators to acquire modern vessels, expand fleet capacity and participate more competitively in coastal and international shipping, which has largely been dominated by foreign interests.
Akinola further noted that the establishment of the Regional Maritime Development Bank (RMDB) in 2025 has expanded financing options for maritime businesses, providing an additional backbone for indigenous participation in shipping, port services and maritime logistics.
Beyond financing, the Special Adviser said the approval of Nigeria’s first-ever National Policy on Marine and Blue Economy by the Federal Executive Council in May 2025 has created a clearer and more predictable operating environment for local investors.
“The policy provides a unified framework that integrates shipping, ports and maritime services. For indigenous shipowners, this means better coordination, clearer rules and greater investor confidence,” he stated.
Akinola assured that Minister Oyetola remains focused on policy consistency, regulatory fairness and strategic interventions that will level the playing field between Nigerian operators and their foreign counterparts.
“With many of the long-standing constraints now removed, the minister is committed to ensuring that indigenous shipowners are not only supported but positioned to thrive as key drivers of Nigeria’s marine and blue economy,” he said.
He added that the ministry will continue to engage stakeholders to ensure that ongoing reforms translate into tangible benefits for local operators and contribute meaningfully to economic diversification, job creation and national development.
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