The Federal Government announced that it would be re-launching the national fleet as it will end the capital flight as well as reduce expenses from lifting the country's crude oil export.
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dakuku Peterside made the disclosure during a media breakfast meeting at the Nor-Shipping Conference and Exhibition in Oslo, Norway.
He said the creation of the fleet will create jobs, boost the economy through maritime and change the current system where the country exports crude oil on a 'free-on-board' basis.
While inviting local and foreign investors, Peterside disclosed that the fleet would be private sector-led for efficient profit and sustenance.
The DG also explained that the government in a bid to boost its security has invested in acquiring security assets under the "Deep Blue Project" including helicopters, patrol boats, unmanned air vessels, special mission ships, and aircraft.
He noted that securing the waterways of the country is imperative as Nigeria accounts for about 70 percent of sea trades in the West and Central African regions.