Blue Economy
Port Reforms, CVFF Disbursement Set to Unlock 50,000 Jobs — Oyetola Tells UNILAG Maritime Forum
Port Reforms, CVFF Disbursement Set to Unlock 50,000 Jobs — Oyetola Tells UNILAG Maritime Forum
By Oghenewoke Onoriode | Waterways News Correspondent | Lagos
Nigeria’s maritime sector is on the cusp of a major employment surge, with the Federal Ministry of Marine and Blue Economy projecting that up to 50,000 jobs could be created through a combination of port modernisation projects and the long-delayed disbursement of the Cabotage Vessel Financing Fund (CVFF).
Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, made the disclosure on Thursday during the commissioning of a NIMASA-donated Multipurpose Building at the Institute of Maritime Studies, University of Lagos — positioning the event as more than a ribbon-cutting exercise, but a statement of intent about where Nigeria’s maritime future is headed.
Oyetola told stakeholders gathered at the ceremony that the CVFF disbursement — a fund that has languished undeployed for years despite repeated industry calls for its release — is now expected to boost indigenous shipping capacity and generate roughly 30,000 jobs when activated. An additional 20,000 jobs, he said, are projected to flow from ongoing port modernisation efforts, which he argued would also sharpen Nigeria’s competitiveness as a regional maritime hub.
“With over 90 per cent of Nigeria’s trade conducted through maritime channels, this sector remains indispensable to our economic future,” Oyetola told the gathering. “It is not only about moving goods; it is about unlocking opportunities, improving efficiency and creating sustainable livelihoods for thousands of Nigerians.”
The minister also shone a spotlight on the government’s seafarer development drive, revealing that 2,459 Nigerians have undergone training in maritime institutions across the United Kingdom, Egypt, the Philippines, India and Romania under the Nigerian Seafarers Development Programme. Of those, 1,088 have obtained their Certificates of Competency — equipping them for active roles in the global shipping industry.
Beyond shipping, Oyetola flagged Nigeria’s fisheries and aquaculture sector as a largely untapped goldmine. With the country’s annual fish demand estimated at 3.6 million metric tonnes, he argued that the sector represents enormous potential for food security and employment if properly harnessed.
Turning to the role of maritime institutions, Oyetola issued a firm charge: collaboration or irrelevance. He called on the Institute of Maritime Studies to forge active partnerships with bodies including the Maritime Academy of Nigeria (Oron), the Nigerian Institute for Oceanography and Marine Research, the Federal College of Fisheries and Marine Technology, and the National Institute for Freshwater Fisheries Research in New Bussa.
“Institutions such as this cannot afford to operate in isolation,” he said. “Collaboration is the currency of real progress.”
The commissioning drew senior figures from across the maritime and academic communities — a turnout that signals growing confidence in the Ministry’s push to make the blue economy a real driver of jobs and economic transformation in Nigeria.