Nigeria, China to unlock $2bn maritime investment under new partnership

Bamidele Famoofo

The Federal Government of Nigeria, through the Ministry of Marine and Blue Economy, is advancing a Nigeria–China Maritime Strategy aimed at unlocking over $2 billion in shipping investment, accelerating indigenous vessel ownership, and positioning Nigeria as a regional maritime hub.

The initiative, formally presented to Adegboyega Isiaka Oyetola,  minister of marine and blue economy, at the Ministry’s headquarters in Abuja, is the result of a strategic collaboration between the Nigeria-China Strategic Partnership (NCSP) and the Global Investment Advisory Community (GIAc), through its Nigerian operator, Anabel Capital.

The strategy is designed to catalyse local participation in the maritime industry by capitalising Nigerian-owned shipping companies and linking them with Chinese shipyards, charter firms, and investment banks. It also outlines substantial investment in vessel acquisition, maritime training institutions, and the procurement of modern training vessels.

According to the economic blueprint, the initiative will deliver $2 billion in vessel investments, $20 billion in freight contracts for Nigerian operators, $200 million for maritime training, and $50 million for training vessels. The programme is expected to create over 2,000 new maritime jobs annually, train 25,000 globally certified Nigerian seafarers, and build a robust local shipping ecosystem.

Speaking on the proposal, Minister Oyetola described the strategy as a “game changer” that aligns with the Ministry’s overarching priorities for sectoral reform and economic growth. He stressed the need to rapidly build indigenous capacity, deepen public-private collaboration, and transition toward Nigerian ownership of commercial vessels. 

Also present at the meeting were Olufemi Oloruntola, permanent secretary of the Ministry; Munirudeen Bola Oyebamiji, managing director/CEO of the National Inland Waterways Authority (NIWA); Joseph Tegbe, director-general of the NCSP; Nicholas Okoye, managing director of Anabel Capital; and Lela Omo-Ikirodah, project manager at NCSP.

The Nigeria–China Maritime Strategy forms part of broader efforts to translate strategic diplomacy into high-impact, private-sector-driven economic outcomes, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

Bamidele Famoofo

Bamidele Famoofo is the Managing Editor of Business a.m. Newspaper, with over two decades of experience in the media industry. A seasoned journalist and editor, he brings a wealth of knowledge and leadership to the newsroom, driving impactful business and financial reporting.