Following the recent formalization of a strategic joint venture, Nigeria’s maritime landscape is poised for significant evolution. The Nigerian National Petroleum Company (NNPC), in collaboration with Swedish maritime leader Stena Bulk and Nigeria’s own Caverton, has launched UNITY Shipping Worldwide (USW).

Signed in April 2025, the agreement represents a key milestone in Nigeria’s efforts to bolster its shipping capabilities and aligns with the federal government’s agenda to strengthen the oil and gas value chain, CHARLES KUMOLU writes.

As part of its transformation agenda, the Nigerian National Petroleum Company (NNPC) took a strategic step in 2018 by consolidating its shipping operations under NNPC Shipping Limited (NSL). This move aimed to streamline logistics and position the company to compete with global maritime giants. Seven years on, that vision has materialized with the launch of UNITY Shipping Worldwide, a joint venture with Sweden’s Stena Bulk and Nigeria’s Caverton.

The timing of this development is significant. With global demand for oil shipping reaching record levels, maritime logistics now play a pivotal role in sustaining global energy supply chains. West Africa, led by Nigeria, exports roughly 3.8 million barrels of oil daily, highlighting the region’s strategic importance. The UNITY partnership is thus seen as a vital leap forward for Nigeria, which has long struggled to establish a strong maritime presence on the world stage.

Historically, Nigeria’s maritime activities have evolved from simple trade systems in the 19th century to more structured advancements with the establishment of institutions like the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA). However, previous attempts to establish a national fleet, such as the now-defunct Nigerian National Shipping Line (NNSL), have met with financial insolvency and operational hurdles. Currently, Nigeria, the eighth-largest oil exporter globally, has lacked a national fleet—a gap that UNITY Shipping Worldwide is designed to fill.

This blend of Nigerian entrepreneurship and global maritime expertise is represented by Caverton, a logistics giant with an impressive market share in the regional oil and gas sector. With experience catering to major players like Nigeria LNG, Shell, Chevron, and Total, Caverton is well-placed to steer this joint venture toward success. Joining forces with Stena Bulk, known for its global shipping innovations and profitable joint ventures like the Stena Sonangol Suezmax Pool, the partnership harnesses a powerful maritime heritage.

At the formalisation meeting of Unity Shipping Worldwide held at the NNPC Tower, Abuja NNPC were Senior Management Team led by the Group CEO Bayo Ojulari. During his brief remarks he stated that “NNPC is geared for major transformation and the ambitions set out are very clear. Shipping is a critical part of this transformation and he looks forward to journey as it will be a historic and unprecedented journey for the industry and for the NNPC with support from all levels of government.” The new joint venture according to shipping experts will enable NNPC to deepen and expand its presence globally.

Praised for reigniting the country’s shipping identity, the partnership aligns with the government’s vision for local content participation. Nigeria’s Petroleum Minister, Heineken Lokpobiri, celebrated the venture as a bold move to revolutionize the energy sector and fortify Nigeria’s economic standing globally.

During a presentation visit of the Unity partners in Abuja the minister said “Unity Shipping Worldwide is evidence of President Bola Tinubu’s vision and was made possible by his leadership and vision in industrial reforms. It reflects the kind of impact-driven collaboration that we believe will transform the energy sector and strengthen Nigeria’s economic position,”.

He added “For us to maximise expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another.

UNITY represents a practical example of the government’s local content aspirations becoming reality. I am pleased to see a Nigerian company (Caverton) at the heart of this strategic partnership. It is not only a reflection of our commitment to inclusive development but also ensures national participation.”

“Whatever we need to do as a government and as shareholders will be done to ensure that NNPC has the best deal in the overall interest of Nigerians. We will support this partnership with every power that we have. So, congratulations to all the parties as we look forward to seeing how this will be implemented for the benefit of all of us,” he stated.

Equally endorsed by Minister of Marine and Blue Economy, Adegboyega Oyetola while welcoming the UNITY Shipping partners at the Ministry of Marine and Blue Economy, the Honourable Minister stated that the initiative mirrors the administration’s aspirations for indigenous shipping participation and international collaboration in maritime operations.

According to him, the collaboration is laudable, particularly the detailed presentation of the business model of operations. “I am excited today,” he said. “Having lost the moribund Nigerian National Shipping Line, NNSL, a committee was set up by the Ministry to see the possibility of bringing back a national flag carrier shipping line that is based on Private Public Partnership (PPP). I don’t believe government should get involved in running some of the activities as I believe it is better to allow a private sector leader such as Caverton to help drive a venture like this.” Oyetola reiterated government support in encouraging indigenous efforts “this is a perfect and laudable achievement in line with President’s agenda’.

For Olabode Makanjuola, CEO of Caverton, the venture represents the culmination of years of planning. Emphasizing a formidable blend of local knowledge and global best practices, Unity Shipping Worldwide is set to benefit not only Nigeria but also the wider sub-Saharan African region. ”This joint venture – the result of close to a decade of planning – marks a significant stride in enhancing Nigeria’s maritime capabilities. By combining local knowledge with international best practices, we are establishing a world-class operation that will benefit not only Nigeria but the entire Sub-Saharan Africa region.”

He affirmed the company’s readiness to deliver on the objectives of Unity Shipping Worldwide. Makanjuola said, “It has indeed been a labour of love. I am indeed humbled and grateful that a lot of this is culminating under thee present administration, and we assure you of our commitment to develop shipping capacity in line with best practices for Nigeria.”