The Minister of Marine and Blue Economy, Adeboyega Oyetola, has announced that the Federal Government (FG) has commenced a plan to establish a National Flag Carrier through a public-private partnership (PPP).

Speaking at a recent forum, Oyetola revealed that the ministry has begun engaging stakeholders on this initiative, which aims to generate employment, reposition the maritime sector and create new revenue streams for the government.

He also disclosed that arrangements for the disbursement of the Cabotage Vessel Financing Fund (CVFF) to support the development of the shipping sector were being finalised.

Furthermore, Oyetola highlighted the federal government’s commitment to enhancing multimodal connectivity by improving road, rail, and inland waterway links to and from ports, boosting trade, enhancing logistics, and reducing transportation costs.

He said as part of these efforts, the ministry, in collaboration with the Lagos State Government, has successfully cleared the long-standing Apapa–Tincan–Mile 2 traffic bottleneck for landside operations.

Oyetola said the ministry has also provided essential port equipment, including tugboats, mooring boats, pilot cutters, bollards and fenders to enhance efficiency across all port locations.

Oyetola noted that the ministry has optimised crane productivity and reduced transit times for vessels and trucks.

According to him, the vessel turnaround time has improved from an average of seven days to five days, while truck turnaround time has been reduced from 10 days to just a few hours.

He further disclosed that efforts are underway to modernise existing ports, with Apapa and Tin Can Island Ports serving as pilot projects.

The modernisation initiative, he explained, would address ageing infrastructure nearing the end of its economic lifespan and improve hinterland connectivity.

He said the ministry encourages private-sector participation in developing greenfield ports and other infrastructure projects.

https://guardian.ng/business-services/maritime/fg-to-establish-national-shipping-line-okays-disbursement-of-cvff/