Lagos (Nigeria): The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, says finance remains central to transforming Nigeria’s ambitious marine and blue economy vision into measurable outcomes.
Oyetola disclosed this in a statement on Saturday through his Special Adviser, Media and Communications, Dr Bolaji Akinola, after the 3rd Quarter Citizens’ and Stakeholders’ Engagement.
He warned that without sustainable investment, Nigeria risks leaving its vast marine resources untapped.
Addressing industry leaders, policymakers, investors and interest groups, the minister described the event’s theme, ‘From Policy to Impact: Finance is Key,’ as both timely and urgent.
He recalled that the Federal Executive Council approved Nigeria’s first-ever National Policy on Marine and Blue Economy in May 2025, creating a clear roadmap for sectoral growth.
Oyetola said the next crucial step was mobilising capital to deliver tangible results.
The minister explained that the new policy envisions economic growth across diverse sectors, including shipping, aquaculture, marine tourism, coastal infrastructure, renewable energy, and ocean research.
“Vision without financing remains a dream. Government cannot solely modernise ports, sustain maritime security, expand aquaculture or build climate-resilient infrastructure,” he stressed.
He added that innovative partnerships, international financing, and private sector engagement are needed to translate policy into measurable outcomes.
Oyetola cited the ministry’s track record of discipline and delivery, noting a 96 per cent score by the Central Results Delivery Coordination Unit earlier in 2025.
He also recalled that in 2024, the Presidential Enabling Business Environment Council ranked the ministry as the best-performing in the country.
“These achievements show government capacity to deliver, but scaling requires unlocking far greater resources,” he said.
The minister pointed to sustained piracy-free waters in the Gulf of Guinea, enabled by the financing of the Deep Blue Project, as evidence of the project’s impact.
He added that port modernisation in Lagos is underway to attract larger vessels, cut turnaround time and create thousands of jobs, with similar projects planned nationwide.
Consultations with fisheries associations are also driving aquaculture expansion, the development of fish harbours, and the implementation of satellite monitoring systems for sustainable stock management.
Oyetola noted that these interventions have boosted non-oil exports by almost 20 per cent in the first half of the year, thereby strengthening Nigeria’s diversification agenda.
He emphasised that the marine and blue economy is a shared prosperity project, not a government-only task, with finance as the lever for long-term investment.
“Policy clarity, proven results and capacity are already in place. What Nigeria now needs is scale, and for that, finance is indispensable,” he said.
He urged stakeholders to view finance as the bridge that aligns ambition with resources, strategy with execution, and vision with impact.
“With innovative financing and collective commitment, Nigeria can lead Africa’s marine and blue economy, generating prosperity, jobs and resilience for its citizens,” Oyetola said.
Also speaking, a Permanent Secretary at the Ministry, Mr Olufemi Oloruntola, described public investment as essential seed capital that de-risks private participation and aligns national priorities with growth.
Oloruntola warned that the current budgetary allocation remains inadequate compared to the capital-intensive demands of ports, maritime security, fisheries, tourism, and renewable energy.
He proposed a dedicated Blue Economy Fund, stronger public–private partnerships, blue bonds, green finance, and multilateral support for growth.
He outlined opportunities in seaport modernisation, inland waterways, indigenous shipping lines, aquaculture expansion, cruise terminals, eco-tourism infrastructure, marine biotechnology, and renewable energy.
Oloruntola said Nigeria could unlock access to over 1.5 trillion dollars in global blue economy opportunities projected by 2030 with the proper financing structure.
He added that this would create millions of jobs and secure sustainable livelihoods for coastal communities.
Mr Jude Chiemeka, Chief Executive of Nigerian Exchange Ltd., presented a paper on sustainable financing, highlighting the capital market’s role in raising long-term funds for blue economy projects.
He emphasised sustainability-linked loans, blended finance, and impact investments as key drivers of resilience across the sector.
The event drew participation from maritime associations, financial institutions, civil society organisations, and interest groups, underscoring the central role of the marine and blue economy in Nigeria’s diversification agenda.