CVFF, Port Reforms Set To Create 50,000 Jobs — Oyetola

According to Ireporter Online, the Federal Government has announced plans to create as many as 50,000 jobs in Nigeria’s maritime sector through the disbursement of the Cabotage Vessel Financing Fund (CVFF) and ongoing port modernisation initiatives aimed at boosting indigenous shipping capacity and improving operational efficiency across the nation’s ports.

The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, disclosed this on Thursday during the commissioning of a Nigerian Maritime Administration and Safety Agency (NIMASA)-donated multipurpose facility for the Institute of Maritime Studies at the University of Lagos. He said the government’s broader strategy is focused on repositioning the maritime industry as a major driver of national economic growth.

Oyetola explained that the CVFF disbursement alone is expected to strengthen local shipping operators and generate about 30,000 jobs, while port modernisation projects would contribute an additional 20,000 employment opportunities. He added that the upgrades would enhance port efficiency, reduce cargo turnaround time, and improve Nigeria’s competitiveness as a maritime hub in West and Central Africa.

He noted that the initiative forms part of a wider national effort to integrate infrastructure development, financing, and human capital growth within the blue economy, which he said already accounts for more than 90 per cent of Nigeria’s trade activities. According to him, “The future of the blue economy will be shaped not just by natural endowments, but by the quality of minds we nurture within institutions such as this.”

The minister further highlighted investments in maritime education and training, disclosing that 2,459 Nigerians have been trained under the Nigerian Seafarers Development Programme (NSDP) across institutions in the United Kingdom, Egypt, the Philippines, India, and Romania, with 1,088 already certified as competent seafarers. He also pointed to the fisheries and aquaculture subsector, noting that Nigeria’s annual fish demand of 3.6 million metric tonnes presents significant opportunities for investment, food security, and job creation.

The Director-General of NIMASA, Dr. Dayo Mobereola, said the agency is deepening maritime manpower development through partnerships with Nigerian universities and international institutions, including the World Maritime University. He stressed that building a skilled workforce would enhance Nigeria’s global competitiveness, reduce reliance on foreign expertise, and create sustainable employment.

Also speaking, the Vice-Chancellor of the University of Lagos, Prof. Folasade Ogunsola, said the newly commissioned facility would strengthen teaching, research, and professional training in key maritime disciplines, positioning the institute as a hub for innovation and interdisciplinary studies. The Pro-Chancellor and Chairman of the Governing Council, Chief Wole Olanipekun, commended the federal government’s support and reaffirmed the university’s commitment to advancing maritime capacity development.

Established in 2013, the Institute of Maritime Studies has grown into a strategic centre for maritime training and research in Nigeria and Africa, with the new facility expected to further enhance its role in supporting the country’s long-term blue economy ambitions.