Nigeria’s $1tn Economy: Stakeholders Demand Blue Fund, CVFF Disbursement, Port Reforms

……..Say Nigeria losing billions to inefficient ports, regulatory bottlenecks

Stakeholders in Nigeria’s maritime industry have demanded urgent reforms in financing, port operations and regulation, warning that the country’s vast blue economy potential will remain unrealised unless the Federal Government moves from policy pronouncements to concrete implementation.

They specifically called for the immediate disbursement of the long-delayed Cabotage Vessel Financing Fund, establishment of a dedicated low-interest Blue Economy Development Fund, implementation of the National Single Window and accelerated digitalisation of port operations.

The stakeholders, who spoke at the ninth annual lecture and awards ceremony of The New Experience Newspaper in Apapa, Lagos, said unlocking Nigeria’s maritime economy could significantly support the country’s ambition of building a $1tn economy, while creating millions of jobs and strengthening food security.

The event, held on thursday to commemorate the newspaper’s ninth anniversary, was themed “Blue Economy in Action: Financing, Innovation and Policy for Nigeria’s Maritime Future.”

Participants drawn from regulatory agencies, financial institutions, maritime operators, security agencies and the media said Nigeria could no longer afford to treat its maritime resources as an untapped potential.

They noted that despite Nigeria’s 853-kilometre coastline and strategic position in the Gulf of Guinea, the country had failed to adequately convert its maritime assets into sustainable economic value.

Delivering the keynote address, Ambassador Dr Dorcas Masu Daniel Bature, Chairperson of the Anniversary Committee and Chairperson of the Chartered Institute of Logistics and Transport, Lagos Chapter, said the blue economy represented one of Nigeria’s most significant opportunities for economic diversification.

Bature lamented Nigeria’s continued dependence on imported fish despite its extensive aquatic resources, saying investment in fisheries and aquaculture could reduce imports, improve food security and create employment for young Nigerians.

“The blue economy is Nigeria’s frontier now, not tomorrow,” she declared.

She identified funding, innovation and policy as the three critical pillars for unlocking the sector, arguing that the challenge was not simply lack of money but how available resources were managed and allocated.

According to her, access to maritime finance must be transparent and merit-based, particularly for genuine operators and young Nigerians developing technology-driven solutions.

She also called for the effective deployment of the proposed $1bn innovation fund and advocated a sovereign blue bond to finance port modernisation, cold-chain infrastructure and fish terminals.

Bature further urged the Federal Government to harmonise the responsibilities of the Nigerian Maritime Administration and Safety Agency, Nigerian Ports Authority and National Inland Waterways Authority to eliminate duplication and improve efficiency.

She called for the full digitisation of port processes, implementation of the National Single Window, rail expansion and stronger intermodal transport systems to reduce cargo dwell time and logistics costs.

CVFF: Stakeholders demand action

During the panel discussion, industry stakeholders identified access to affordable finance as one of the biggest constraints to Nigeria’s maritime development.

They said commercial banks continued to regard maritime investments as high-risk, resulting in high-interest, short-tenor lending that was unsuitable for long-term maritime projects.

The panel therefore demanded the immediate disbursement of the Cabotage Vessel Financing Fund, which has remained a subject of contention for more than two decades.

They also called for a dedicated Blue Economy Development Fund that would provide affordable, long-term financing for ship acquisition, fisheries, aquaculture, port infrastructure, coastal tourism and other maritime businesses.

The stakeholders cited SIFAX Group as an example of how strategic financing and resilience could support the growth of indigenous businesses in the maritime sector.

Ports must go digital

The panel also expressed concern over the cost of doing business at Nigerian ports, attributing much of the problem to manual processes, bureaucratic delays and multiple agencies operating within the sector.

They called for immediate implementation of the National Single Window, digital cargo clearance and port automation, saying these measures would reduce cargo dwell time, lower logistics costs and improve Nigeria’s competitiveness as a maritime hub.

They also urged the government to strengthen rail connections to ports and develop an efficient intermodal transportation network.

The stakeholders warned that Nigeria could lose out in the emerging global green shipping economy unless it began preparing for cleaner fuels, decarbonisation and environmentally sustainable maritime operations.

They called for increased investment in maritime security through the Deep Blue Project and stronger cooperation with regional navies to protect Nigeria’s territorial waters and attract investment.

Regulatory overlap worries operators

Another major concern was the overlapping functions of NPA, NIMASA, Nigerian Shippers’ Council, Customs, Navy and NIWA.

The stakeholders argued that regulatory duplication increases the cost of doing business, discourages investors and undermines efficiency.

They consequently demanded a stable and investor-friendly National Blue Economy Policy that would clearly define the responsibilities of the various agencies and provide long-term certainty for investors.

Speaking at the event, Publisher and Chief Executive Officer of The New Experience Newspaper, Prince Benson Davies, said the anniversary was a celebration of nine years of resilience and commitment to reporting the maritime industry.

Davies said the newspaper, which began operations in May 2017, had remained committed to providing a platform for critical discussions on Nigeria’s maritime development.

He commended the Federal Government for creating the Ministry of Marine and Blue Economy but stressed that the establishment of the ministry must be followed by measurable action.

He said, “On financing, we need deliberate, low-interest maritime funds and we must finally disburse the CVFF.

“On innovation, we must embrace digitalisation, single window and green shipping or we will be left behind.

“On policy, we need one strong, stable, investor-friendly National Blue Economy Policy. The message is simple: Nigeria’s blue economy cannot remain a potential on paper. It must be in action.”

Representing the Chairman of the occasion, former Group Managing Director of the Nigerian National Petroleum Corporation, Chief Chamberlain Oyibo, Chief Ibitrokoemi Seddon commended Davies for sustaining the newspaper despite the difficult operating environment.

Seddon said Nigeria’s coastline could not continue to remain an unrealised economic asset and urged stakeholders to move beyond discussions to practical implementation.

The event attracted representatives of NIMASA, NPA, SIFAX Group, NPERA, Nigeria Customs Service, Maritime Police Command, SAHCO PLC and other industry stakeholders.

It also featured a cultural performance by the Tiv Lagos Dancing Group and the presentation of awards to individuals and organisations for their contributions to Nigeria’s maritime industry.