IN the vast expanse of Nigeria’s poential, where the azure waters meet the burgeoning ambition of a nation, stands a figure of transformative vision: His Excellency, Adegboyega Isiaka Oyetola, CON. Appointed by President Bola Ahmed Tinubu in August 2023, he assumed the mantle of Nigeria’s pioneer Minister of Marine and Blue Economy, a portfolio charged with charting a course towards sustainable prosperity through the nation’s rich maritime resources. A seasoned technocrat, whose tenure as Executive Governor of Osun State (2018-2022) etched a legacy of infrastructural advancement and economic fortitude, Oyetola arrived at this nascent ministry with a pedigree of proven excellence.
His appointment was a strategic alignment of experience with opportunity, a recognition of his capacity to navigate the complexities of a sector pivotal to Nigeria’s future.
Under his stewardship, the nation has witnessed the birth of its first-ever Marine and Blue Economy Policy, alongside a groundbreaking Fisheries and Aquaculture Policy, laying a robust foundation for enduring growth. Decades of logistical paraly- sis at the Apapa port have yielded to his decisive interventions, drawing the giants of container shipping to Nigeria’s shores. The long-awaited revitalization of Apapa and Tin Can Island Ports, once a distant aspira- tion, now stands as a tangible reality. Furthermore, a remarkable era of maritime security has dawned, with the once-troubled waters of Nigeria and the Gulf of Guinea now wit- nessing an unprecedented period of piracy-free passage. A staunch cham- pion of indigenous enterprise, he has ignited the long-dormant potential of the Cabotage Vessel Financing Fund (CVFF), poised to catalyze a revolu- tion in Nigeria’s shipping industry. In this exclusive interview with Ship- ping World, the Honourable Minister delves into the intricate tapestry of maritime affairs, offering insights that illuminate the path forward.
Chief Oyetola spoke exclusively with Shipping World’s Elder Asu Beks. Excerpts:
SW: Stakeholders are getting increasingly worried that over seven months since the House of Representatives passed the Shipping and Ports Economic Regulatory Agency Bill, the concurrence by the Red Chambers has been hanging in the air. Do you smell sabotage from some quarters?
Oyetola: The bill has been passed by both chambers of the National Assembly, and it is awaiting Presidential assent.
SW: The Burutu and Forcados Ports, which are blessed with some of the largest drafts, have been lying fallow for decades. Are you not wor- ried that such huge national assets are rotting away?
Oyetola: The modernization of Burutu Port has received official approval under a Public-Private Partnership (PPP) framework, paving the way for strategic invest- ments, infrastructure upgrades, and enhanced operational efficiency to boost maritime trade and econom- ic development in the region. In alignment with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, the Ministry remains steadfast in its commitment to harnessing every viable pathway to contribute meaningfully to the nation’s economic revitalization and enhance the ease and efficiency of trade facilitation. Central to this commitment is our focus on modernizing all our port infrastructure and closing critical gaps that have long hindered growth and global competitiveness in the marine and blue economy sector.
SW: Like the mad rush by State Governors to establish airports, whether they are viable or not, the same scenario seems to be playing out in some littoral states where there is a seeming competition for the establishment of deep sea ports. How does your Ministry intend to handle the fear of proliferation of deep sea ports projects by State Governments, not minding if they will be viable or not?
“As a forward-looking and proactive administration, we cannot, and will not, stand idly by while a multibillion-naira national asset, one with the proven capacity to handle vessels of up to 10,000 metric tonnes and significantly boost indigenous maritime capability remains underutilized”
Oyetola: The focus should not be on the number of deep-sea port projects that are underway, but rather on the urgent imperative of economic expansion — for the prosperity and well-being of our people. Deep-sea ports are not mere infrastructural footprints; they are strategic arteries of trade and economic vitality, serving as critical gateways for the flow of imports and exports. Their value lies not in political symbolism, but in their profound capacity to stimulate commerce, attract invest- ment, and unlock industrial growth across regions. These ports are pivotal enablers of trade facilitation and key instruments in driving sus- tainable development. To cast them as anything less is to underestimate their transformational potential. Our mandate, as a Ministry, is clear: to harness the vast and largely un- tapped resources of Nigeria’s ma- rine and blue economy for national development. And we remain firmly committed to this vision.
We welcome meaningful invest- ments that support port modernization, the dredging and deepening of our maritime channels, the automation of port operations, and the expansion of inland waterways. We are equally focused on the development of ferry and cruise services, the deployment of modern cargo-handling equipment, enhanced terminal operations, and the integration of cutting-edge techno- logical innovations. In all of this, our goal is singular and steadfast: to build a maritime ecosystem that serves as a powerful engine for national growth, regional integration, and job creation.
This is not about the proliferation of infrastructure — it is about positioning Nigeria as a leading maritime nation, equipped to meet the demands of a dynamic global economy.
SW: There are fears that there’s a deliberate policy to “kill” the Eastern ports in favour of the ports in Lagos, hence the underutilization of Warri, Calabar and Port Harcourt. What’s your take on this, sir?
Oyetola: No responsible govern- ment sets out to undermine projects that hold the promise of long-term benefits for its people. The policies of the administration of President Bola Ahmed Tinubu are firmly anchored in a vision of inclusive economic growth, driven by diversification, sectoral revitalization, and the overarching goal of improving the lives and livelihoods of all Nigerians. In line with this objective, we have commenced the procurement process for the comprehensive modernization of the Eastern Ports, aimed at revitalizing port infrastructure, en- hancing operational capacity, and attracting greater commercial activity to the region. Also, one of the eastern ports — Onne Port in Rivers State— now receives contain- er vessels of comparable size to those that berth at the ports in Lagos. This transformation is not coincidental — it is the direct result of deliberate
“Our determination to secure a seat on the International Maritime Organization (IMO) Council in Cate- gory C rests on a foundation of strategic vision, unwavering commitment, and a proven track record of maritime excellence”.
government action aimed at repo- sitioning the port as a competitive alternative in the nation’s shipping landscape. Today, Onne Port stands equipped and ready to compete for vessel traffic, offering shippers and operators greater flexibility and efficiency. Complementing this is the ongoing reconstruction of the East–West Road, a critical infrastruc- ture project that will greatly ease the inland movement of cargo from the port and facilitate seamless trade across the region. Together, these efforts speak to a broader commit- ment: to unlock the full potential of our port infrastructure in all parts of the country, to decentralize econom- ic activity, and to ensure that the benefits of national development are more evenly distributed. The path to prosperity requires intentionality — and we are treading that path with focus, diligence, and the resolve to deliver tangible results for our people.
SW: It has been over 20 years since the Cabotage Vessel Financing Fund, CVFF, was established. What do you think is responsible for the failure of previous regimes to disburse the fund? And how do you intend to avoid these banana peels?
Oyetola: The actions or inaction of previous administrations be- long to the annals of history. What matters now is the deliberate course correction that is already underway. Under the leadership of President Bola Ahmed Tinubu, this administration has demonstrated clear political will and unwavering commitment to revitalizing the maritime sector, par- ticularly through the development of indigenous shipping capacity, which is critical to Nigeria’s long-term economic sovereignty. As part of this renewed direction, I have directed the Nigerian Maritime Administra- tion and Safety Agency (NIMASA) to initiate the long-anticipated process of disbursing the Cabotage Vessel Financing Fund (CVFF), a fund specifically designed to empower Nigerian shipping companies to acquire modern vessels and expand their operational capabilities. The CVFF represents more than just access to financing it is a strategic tool for deepening local content, strengthening the presence of Nige- rian operators in both domestic and international waters, and ultimately, enhancing national competitiveness in the global maritime economy. By enabling indigenous operators to procure vessels through structured and competitive financing, we are laying the foundation for a more resilient, self-sufficient shipping industry. We have already identified and approved the Primary Lending Institutions (PLIs) that will adminis- ter the disbursement of the fund in partnership with NIMASA. In keep- ing with this momentum, NIMASA issued a Marine Notice last month, inviting eligible Nigerian shipping companies to formally apply for access to the fund.
Qualified and successful appli- cants will be able to access up to $25 million each, at competitive interest rates, to acquire vessels that meet global safety and performance standards. This is a transformative step — one that signals our clear departure from past inertia, and our commitment to tangible, measurable progress.
“No, we’re not scrapping the NSDP. A key focus of the Ministry of Marine and Blue Economy is empow- ering Nigerian youths in the maritime sector, equipping them with the skills and expertise to contribute meaning- fully to nation building”.
It is our belief that a strong indig- enous shipping fleet is not only a pil- lar of national pride, but a strategic asset that will generate jobs, support ancillary industries, improve logis- tics efficiency, and reduce capital flight in the long run. Through this intervention, we are not just doing things differently — we are doing them deliberately, transparently, and with a vision for lasting impact.
SW: Your Excellency sir, do we truly require Jesus Christ to come a second time before we deploy the N50bn NIMASA floating dock?
Oyetola: As a forward-looking and proactive administration, we cannot, and will not, stand idly by while a multibillion-naira national as- set, one with the proven capacity to handle vessels of up to 10,000 metric tonnes and significantly boost indigenous maritime capability remains underutilized. In recognition of the immense strategic and economic value of the modular floating dock, I have issued a clear and unequivocal directive to ensure that this critical infrastructure is put to optimal use. The relevant agency, the Nigerian Maritime Administration and Safety Agency (NIMASA), has since intensified efforts and is working diligently to bring the necessary processes to a conclusion. Once fully operation- al, the floating dock will not only reduce capital flight by offering af- fordable dry-docking services within our own shores, but also strengthen
local capacity, create jobs, and position Nigeria as a service hub in the Gulf of Guinea.
This administration is committed to unlocking the full potential of ev- ery maritime asset under its purview, and the floating dock is no exception. We are determined to ensure it becomes a functional, revenue-gen- erating facility.
SW: Hon Minister sir, I belong to the class of those Nigerians who believe that we need to tarry awhile, put our house in order, before taking another shot at the IMO Council election into Category C coming up later in the year. I believe that our membership of that Category C should be earned and not necessarily by using our might as the giant of Africa. Are you convinced that NIMASA has done enough to respond to all her queries?
Oyetola: Our determination to secure a seat on the International Maritime Organization (IMO) Council in Category C rests on a foundation of strategic vision, unwavering commitment, and a proven track record of maritime excellence.
As a nation with a rich maritime heritage and a burgeoning maritime sector, Nigeria’s presence on the IMO Council would be a significant milestone in its journey towards becoming a global maritime leader. By actively participating in the IMO’s decision-making processes, Nigeria would be well-positioned to shape the global maritime agenda, ensuring that the interests of developing nations are duly considered. A seat on the IMO Council would provide Nigeria with a platform to advocate for policies that promote sustainable maritime development, enhance maritime safety, and protect the marine environment.
SW: Sir, last year about 100 students who had been screened by NIMASA and meant to proceed on the NSDP Program didn’t leave the shores of our country. Is your Ministry under pressure to scrap the seafarers development programme?
Oyetola: No, we’re not scrapping the NSDP. A key focus of the Min- istry of Marine and Blue Economy is empowering Nigerian youths in the maritime sector, equipping them with the skills and expertise to con- tribute meaningfully to nation-build- ing.
SW: So much has been said lately about the re-introduction of the International Cargo Tracking Note (ICTN). Stakeholders who are op- posed to its introduction insist this is yet another layer of bureaucracy which may hinder the ease of doing business at the ports. What is the official stand of your Ministry on the re-introduction of the ICTN?
We are discussing with relevant government agencies and stakehold- ers to resolve the issues.
SW: Congratulations Hon Minister on your recent victory at the Federal Executive Council where you got an approval for the upgrade of Tin Can Island and Apapa Ports. When will a similar gesture be extended to the Eastern Ports, which are in a very terrible state of disrepair?
Oyetola: As stated earlier, we have commenced the procurement process for the comprehensive modernization of the Eastern Ports
“We have commenced the procurement process for the comprehensive modernization of the Eastern Ports”.