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Nigeria infrastructure and maritime sector funding

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2026-10-05 17:22 UTC → 2026-10-06 19:11 UTC · added ~~removed~~

The Nigerian government has initiated several large-scale funding measures to modernize domestic infrastructure and industry capacity. In the maritime sector, President Bola Tinubu authorized the disbursement of the $700 million Cabotage Vessel Financing Fund (CVFF). This initiative, managed by the Nigeria Maritime Administration and Safety Agency (NIMASA), aims to boost indigenous maritime capacity by providing low-interest, long-term financing for vessel acquisition. The program is designed to reduce reliance on foreign vessels and is projected to create over 30,000 jobs. Simultaneously, the aviation sector is targeting infrastructure reconstruction. Minister of Aviation and Aerospace Development Festus Keyamo reported that the government has raised approximately $500 million for projects such as the reconstruction of the Lagos airport. Keyamo attributed the availability of these funds to improved national liquidity and a rise in foreign reserves following the removal of fuel and foreign exchange subsidies. Keyamo further specified that these funds were not obtained through borrowing but were made possible by a significant increase in foreign reserves, which he noted grew from $3 billion to $56 billion under President Tinubu’s administration. The investment is intended to modernize the Murtala Muhammed International Airport terminal and includes runway rehabilitation projects in Kano, Port Harcourt, and Akure. During the 67th anniversary of Aero Contractors, industry leaders emphasized the need for continued strategic investment to maintain regional competitiveness.

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