We seize the opportunity of the first edition of Shipping Position Daily for the year, to welcome you into our world. We say Happy New Year!
We quite understand that each year has its peculiarities, and that is why we are worried that, each passing year carries over the challenges and peculiarities into the New Year!
Even at that, we still remain hopeful that 2026 will be a much better year and that it shall offer better tidings for the Nigerian maritime industry.
In specific, we note that issues such as: Non disbursement of the Cabotage Vessel Financing Fund, Nigerian Port Economic Regulatory Agency Bill, Port Rehabilitation, and Renewal of concession of port terminal operators. Nigeria has not performed very well with the implementation of the African Continental Free Trade Area. We also note that last year, there was a renewed effort to activate the National Single Window. Lastly, the Marine and Blue Economy Ministry which was created in 2023 is still struggling to find its direction! Yes, it imitated a National Policy, but it remained yet a policy on paper.
As we begin the journey into 2026, we expect a lot more from the Ministry of Marine and Blue Economy, headed by the immediate past Governor of Osun State; Mr Adegboyega Oyetola.
This Ministry superintends NIMASA, Nigerian Shippers’ Council (NSC); Nigerian Ports Authority (NPA); National Inland Waterways Authority (NIWA), MAN Oron, and the CRFFN. These are agencies that are already saddled with their respective challenges, which predate the birth of the new ministry.
We, just like other stakeholders had expected that the ministry would hit the ground in 2023, it did not, so everyone thought it would be in 2024. This is because, nothing was noticeable in 2023, apart from a few visits to the minister and meetings with some stakeholders. We expected a more meaningful and purposeful impact in 2025, we were sadly disappointed.
In 2025, the Minister presented a budget, which he said would be focused on infrastructure, safety, and food security, proposing over N11.77 billion in capital and N453.86 million for overhead, targeting dredging, modernizing river transport, enhancing aquaculture, and boosting maritime security under President Tinubu’s “Renewed Hope” agenda, emphasizing measurable impact and private investment.
He assured that last year, the ministry would focus on infrastructure development, especially developing dry ports (Ijebu-Ode, Moniya), dredging rivers, and creating modern river crafts.
He also promised to focus on Maritime Safety, by distributing life jackets and replacing wooden boats with standardized vessels.
Other are: Food Security: Investing in fisheries and aquaculture to increase fish production. Economic Growth: Implementing the National Blue Economy Strategy to attract investment and position Nigeria as a maritime hub.
While not been too hard on the Minister, yes there were measurable targets, but the targets were not tangibly-met.
Perhaps, the only visible act that the Minister carried out and which everyone saw in 2025 was that he instituted Performance Bonds and ensured that all heads of agencies under him signed it:
Even though the essence of the Performance Bond was to ensure that agencies were given measurable outcomes to aid GDP growth and job creation, this was very hardly achieved.
The effect of all these, is that the Nigerian maritime industry players struggled to cope with the challenges of 2025. From shippers to clearing agents, to ship owners, haulage operators, stevedoring companies, the story remained the same.
For importers, the challenge of 2025 was still about accessibility and cost of foreign exchange, which even though stabilized at about N1,450 to $1 in the parallel market. For the Customs licensed agents, it was the usually cumbersome and high cost of cargo clearance, which the high exchange rate further exacerbated. For the ship owners, it was the same old story of lack of patronage and dominance of foreign interests and the non-disbursement of the Cabotage Vessel Finance Fund. For the owners/drivers of articulated vehicles that are used for dry and wet cargo haulage, 2025 was not quite different from previous years. But for those who patronized them, it was a bit better, because it cost less. This is largely due to the improved access to the ports.
Despite the electronic call-up system of the NPA, trucking business still remained an avenue for extortion by certain interests, even in 2025.
We will be happy to witness a 2026, where the CVFF would be disbursed. It is our hope that between the Minister and the DG of NIMASA, the jinx which the disbursement of the Cabotage Vessel Finance Fund has become will be broken.
A lot has been said and a lot has been put in. So, in 2026, it our prayer that, the much-expected National Single Window will kick off.
Importantly also, we expect that the Nigerian Port Economic Regulatory Agency Bill would be passed finally by the National Assembly and it will be assented to by President Bola Tinubu.
All-in-all, we pray that the Nigerian Maritime industry will witness a new era of growth and impact for the nation’s maritime industry.
