Abuja — Nigeria has secured a £746 million investment to overhaul the Apapa and Tin Can Island Ports in Lagos, in what the government is billing as the most ambitious port modernisation drive in the country’s history — one that promises to slash cargo delays, slash costs, and reposition Nigeria as West Africa’s premier maritime hub.
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, made this known while declaring open the ‘Blue Economy Investment Summit 2026’. For clarity, the blue economy refers to the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystems.
Oyetola said that the project would significantly enhance the capacity, effectiveness and competitiveness of the ports.
The News Agency of Nigeria (NAN) reports that Maritime Innovations Hub, in collaboration with the Ministry, organised the Summit on Thursday in Abuja.
The theme of the summit is “Shifting Gears: Heading to the Frontier of the Maritime Economy”.
He noted that agencies under the ministry’s purview remarkably improved revenue generation.
“In 2023, when I assumed office, these agencies generated a total of N700.79 billion. By the end of 2025, this figure had risen substantially to approximately N1.83 trillion.
“This achievement is the result of deliberate and sustained reforms, including strengthened regulatory oversight, improved revenue collection mechanisms and digitalisation of core processes, among others”.
He added that these efforts demonstrate a determination to build efficient, accountable, and financially sustainable institutions. Oyetola said: “This summit comes at a defining moment in global dynamics, when nations are grappling with conflicts while increasingly recognising the immense value of oceans and maritime resources.
“The global blue economy is now valued at over 3 trillion U.S. dollars annually. It has become a critical driver of trade, climate innovation, and sustainable development.”
“Nigeria is uniquely positioned to harness the vast potential of the marine economy as a cornerstone of national prosperity.”
“With over 8,300 kilometres of coastline, extensive inland waterways, and a strategic location along the Gulf of Guinea, our marine resources are a key asset.”
On other sector achievements, Gboyega said, “For the first time in our nation’s history, we have developed and launched a National Policy on Marine and Blue Economy.”
“It is a comprehensive framework that articulates our vision and establishes strategic priorities, providing clarity and confidence to investors.”
“We are strengthening the sector’s financial ecosystem. As part of this, we are prioritising the revitalisation of the Regional Maritime Development Bank, after over 16 years of delay.”
In her address, the Chief Executive Officer of Maritime Innovations Hub, Ronke Kosoko, said the summit was happening at a very critical time, particularly from an economic standpoint.
“If you look at the current direction of the country, the focus is shifting. It now moves toward a more commercially driven and private-sector-led economy.”
“The President has a strong track record in this regard. He transformed his state from generating about ₦7.2 billion in internally generated revenue to over ₦2 trillion.”
Today, that state operates with minimal federal dependence, having unlocked its economic potential.
“Now, that same mindset is coming to the federal level. We see deliberate efforts around policy reforms, fiscal and monetary frameworks, and the creation of institutions like this ministry.”
“These steps are already attracting investor interest. However, investors are not just interested in opportunities; they want efficiency”.
Also speaking, Pius Akutah, Executive Secretary of the Nigeria Shippers Council, said poor logistics and weak maritime connectivity remain major obstacles to Africa’s trade ambitions under the free trade framework.
Akutah urged Nigeria and other African countries to urgently strengthen their transport systems to unlock economic potential and improve intra-African trade. In his address, Governor Sheriff Oborevwori of Delta announced that the state government formed two critical committees as part of its deliberate effort to establish a ministry of blue economy at the state level.
The governor, represented by his deputy, Monday Onyeme, named two committees: the State Blue Economy Steering Committee, led by Onyeme, and the Blue Economy Technical Working Committee.
“The Steering Committee will formulate and guide the implementation of Blue Economy policies. The Technical Committee, made up of career civil servants, is responsible for developing frameworks and templates for implementation.”
He said the strategic objective of this initiative was to create a one-stop shop for the various blue economy-related policies and programmes scattered across the state’s Ministries, Departments, and Agencies (MDAs).
Similarly, Chief Executive Officer of APM Terminals Nigeria, Frederik Klinke, said, “If there was ever a defining moment for Nigeria’s blue economy, it is now. This is the time to reposition for resilience, competitiveness, and sustainable growth.”
“Globally, the maritime industry is undergoing a profound transformation”.
He said that beyond digitalisation (the adoption of digital technologies and processes), the Nigerian government, working through its agencies, has remained steadfast in supporting the country’s export growth agenda.