- Maritime workers have struck a deal with shipping companies to receive N200,000 as minimum wage
- The development comes after a long negotiation between the workers and the shipping companies
- The deal, mediated by the federal government, will see maritime workers earn three times the national minimum wage
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Maritime Workers Union of Nigeria (MWUN) has said that all shipping firms operating in Nigeria’s waters have agreed to pay the N200,000 minimum wage.
The agreement to pay the amount to seafarers and dockworkers was mediated by the Nigerian government between the workers and the Shipping Agencies, Clearing and Forwarding Employers Association.
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Companies agree to pay N200,000 minimum wage
According to reports, after the agreement, Hull-Blyth Nigeria Limited opted out, saying it could not pay the amount.
However, the MWUN’s outgoing president-general, Adewale Adeyanju, disclosed during his farewell briefing with journalists in Lagos that the company has agreed to pay the N200,000 minimum wage despite initial resistance.
According to him, Hull-Blyth’s initial refusal has now been settled, saying that the shipping firm has back-tracked its decision not to pay and is fully on board.
Daily Trust reports that Adeyanju disclosed that the shipping company wrote to the union, agreeing to pay the new minimum wage.
Maritime workers to earn more minimum wage
If implemented, maritime workers will earn three times the national minimum wage.
Currently, the federal government, state governments, and other private sectors pay N70,000 as minimum wage.
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The national minimum wage has generated controversy, with many states struggling to pay, citing economic constraints, poor revenue and reduced allocation from the federal government.
FG set to disburse Cabotage Fund
The development comes after the Nigerian government concluded plans to disburse the Cabotage Vessel Financing Fund (CVFF) kept with the Central Bank of Nigeria (CBN) to drive the country’s economy, create employment and boost Nigeria’s place as a key maritime destination in Africa.
The minister of Finance, Wale Edun, reiterated President Bola Tinubu’s commitment to disbursing the fund.
NIMASA’s head of public relations, Osagie Edward, said the disbursement was the focus of discussions between the agency’s director general, Dayo Mobereola, and the finance minister.
The minister stressed that the fund’s disbursement was a priority, which is expected to impact the economy positively.
Cabotage fund to create jobs
The New Telegraph reported that NIMASA’s DG explained that the Ministry of Marine and Blue Economy has seen the fund’s disbursement as an important performance indicator in the ministry.
According to him, Gboyega Oyetola, the minister of Marine and Blue Economy, directed NIMASA to engage with the finance ministry to resolve challenges and establish frameworks to fast-track the CVFF disbursement to unlock the sector’s potential.
To accelerate the process, Edun has approved the inclusion of a representative from the finance ministry in NIMASA’s in-house committee on CVFF disbursement under the Ministry of Marine and Blue Economy’s supervision.
CBN reviews Customs exchange rates for cargo clearance
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) released a new exchange rate for cargo clearance at Nigerian ports following the depreciation of the naira in all foreign exchange markets.
The apex bank fixed the Customs rate at N1,536.39 per dollar from N1,530 the previous day.
The new Customs exchange rate is the same as the naira rate in the Nigerian Foreign Exchange Market (NFEM), released by the CBN on Friday, March 21, 2025.
Proofreading by Nkem Ikeke, copy editor at Legit.ng.
