FEC APPROVES N286BN MARITIME PROJECTS

he Federal Executive Council (FEC) has approved N286 billion for critical maritime infrastructure projects aimed at modernising Nigeria’s ports, enhancing security, and boosting trade efficiency.

The approvals, made at the weekly FEC meeting presided over by President Bola Tinubu, cover upgrades to key ports, acquisition of patrol vessels, and development of deep-sea terminals. Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, described the investment as a game-changer for the sector.

“These projects will significantly reduce turnaround time for vessels, improve cargo handling capacity, and strengthen our blue economy potential,” Oyetola said. The initiatives are expected to create jobs, attract foreign investment, and position Nigeria as a leading maritime hub in West Africa.

The move aligns with the government’s broader agenda to diversify the economy and reduce dependence on oil revenue through the marine and blue economy sector.

Stakeholders have welcomed the development, calling for timely execution and proper monitoring to ensure value for money.