The Minister of Marine and Blue Economy, Adegboyega Oyetola, Thursday announced significant progress towards the refloating of a national shipping carrier, signaling a major step in strengthening Nigeria's maritime industry.

Oyetola made the disclosure during the ministry's three-in-one stakeholders' engagement and performance retreat in Lagos, where he outlined ongoing efforts to boost indigenous shipping capacity.

This is even as he clarified that the federal government's port modernisation programme is a nationwide initiative, dismissing concerns that the focus is restricted to Lagos.

Oyetola speaking at the event said: "I am pleased to inform you that we have made significant progress toward the refloating of a National Shipping Carrier."

The minister revealed the government has secured the interest of leading international partners, including AD Ports Group and DP World, to collaborate on the initiative. "We have secured the interest of reputable international partners who are collaborating with us to bring this vision to fruition," he added.

According to Oyetola, the new national carrier will play a critical role in reducing dependence on foreign shipping lines, retaining maritime value within the Nigerian economy, and creating employment opportunities.

He linked the initiative to other strategic interventions, including the imminent disbursement of the Cabotage Vessel Financing Fund, which is aimed at empowering indigenous shipowners.

"By empowering local operators, we are strengthening national capacity and positioning Nigeria for greater participation in global shipping," he said.

Speaking further, he said: "Let me address a concern that has been raised in some quarters — that our focus is limited to Lagos ports. This is not the case." He disclosed that procurement processes are already underway for the modernisation of ports in Warri, Port Harcourt, Onne, and Calabar, alongside the approved upgrades for Apapa and Tin Can Island ports.

"We are committed to a balanced and inclusive development of port infrastructure across the country," Oyetola emphasised.

The minister explained that the modernisation effort goes beyond infrastructure, describing it as "a transformative intervention" by the administration of President Bola Ahmed Tinubu that will enhance port efficiency, reduce vessel turnaround time, and improve cargo handling capacity.

He further revealed that approvals have been granted for the development of new deep seaports in Bayelsa, Cross River, Akwa Ibom, and Ondo States. "These projects will expand Nigeria's maritime capacity, decongest existing ports, open up new economic corridors, and position our country as a leading maritime gateway in Africa," he said.

Oyetola noted the initiative aligns with the federal government's broader economic diversification agenda and is expected to stimulate trade, reduce the cost of doing business, and attract investment across multiple sectors.

He however issued a firm warning to heads of agencies under his ministry, insisting on strict accountability and the delivery of tangible results.

"Let me emphasise that all departments and agencies under the ministry must remain firmly focused on delivering tangible results, noting that performance bonds to be signed during the retreat are binding commitments that will be closely monitored and rigorously evaluated. These are not ceremonial documents.They are binding commitments. Accountability will not be optional."

He underscored the need for data-driven decision-making, robust monitoring and evaluation frameworks, and alignment with the ministry's strategic objectives. "At the institutional level, we must remain disciplined and accountable. Every department and agency must deliver measurable outcomes," he added.

He further explained the retreat was designed to foster alignment between policy formulation, implementation, and stakeholder expectations. "The integration of this engagement enables us to listen, reflect, and recalibrate," he said.

The high point of the event was the signing of performance bonds between the minister and heads of agencies under the ministry. The agencies include the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, Nigerian Shippers' Council, National Inland Waterways Authority, Maritime Academy of Nigeria, and the Council for the Regulation of Freight Forwarding in Nigeria. Others are the Nigerian Institute for Oceanography and Marine Research, Federal College of Fisheries and Marine Technology, National Institute for Freshwater Fisheries Research, Federal College of Freshwater Fisheries Technology, New Bussa and Federal College of Freshwater Fisheries Technology, Baga.