Nigeria’s Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, has declared that finance remains the decisive factor in transforming Nigeria’s bold new vision for its marine and blue economy into tangible impact, stressing that without sustainable investment, the country risks leaving its vast marine resources underutilised.

Minister of Marine and Blue Economy, Adegboyega Oyetola (left) and the Permanent Secretary of the Ministry, Olufemi Oloruntola (right) at the third quarter stakeholders’ and citizens’ engagement of the Federal Ministry of Marine and Blue Economy.

Addressing  maritime and Shipping operators at the 3rd Quarter Citizens’ and Stakeholders’ Engagement of the Ministry and its agencies  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 noted that the Federal Executive Council’s approval of Nigeria’s first-ever National Policy on Marine and Blue Economy in May 2025 had created a clear roadmap for growth, but that the next critical step lay in mobilising the capital needed to achieve results.

The Minister said the new policy envisions economic growth across a wide range of sectors, including shipping, fisheries and aquaculture, marine tourism, coastal infrastructure, renewable energy, and ocean research.

“Vision without financing remains no more than a dream”. He pointed out that government alone cannot shoulder the immense responsibility of modernising Nigeria’s ports, sustaining maritime security, expanding aquaculture, or building climate-resilient infrastructure. It would take innovative partnerships, international financing mechanisms and strong private sector engagement to translate policy into measurable outcomes” Oyetola said

The minister drew attention to the Ministry’s proven record of discipline and results, recalling that in the first quarter of 2025, the Central Results Delivery Coordination Unit (CRDCU) awarded the Ministry a performance score of 96 per cent, while in 2024 the Presidential Enabling Business Environment Council named it the best performing ministry in the country. These achievements, he said, demonstrate the government’s capacity to deliver, but scaling up requires unlocking far greater resources.

Nigeria, he noted, has sustained a piracy-free record for more than three years in the Gulf of Guinea, a feat made possible through investments in the Deep Blue Project. Rehabilitation and modernisation of Lagos ports are underway, designed to attract larger vessels, cut down turnaround time, and create thousands of jobs, with similar initiatives planned across the country.

He said consultations with fisheries associations earlier in the year are driving the scaling of aquaculture, the development of fish harbours, and the deployment of satellite monitoring systems. These interventions, he said, have already contributed to Nigeria’s economic diversification agenda, with non-oil exports rising by almost 20 per cent in the first half of the year.

Oyetola argued that the marine and blue economy must not be seen as a government-only endeavour but rather as a shared prosperity project in which finance is the lever that will draw in long-term private capital, align practices with international standards, and ensure that every stakeholder effort complements the national 10-year policy. With policy clarity, proven results and demonstrated capacity, what Nigeria now requires is scale, and for that finance is indispensable.

His words “Distinguished stakeholders and partners, let us be clear: the Marine and Blue Economy is not solely a government agenda — it is a shared prosperity project. Finance is the lever that will attract long-term private capital; align our practices with global standards in PPPs, bonds, and blended finance, and ensure every stakeholder initiative complements the 10-Year National Policy for maximum impact,” the Minister said.

Minister Oyetola stressed that Nigeria’s path from policy to impact requires aligning ambition with resources, strategy with execution, and vision with impact.

“With collective commitment and innovative financing”, he said, “Nigeria is well placed to secure leadership in Africa’s marine and blue economy and to generate the prosperity, jobs and environmental resilience that its citizens deserve.”

The Permanent Secretary of the Ministry, Mr Olufemi Oloruntola, also addressed the gathering through a technical presentation titled “Imperatives of Public Investment for Marine and Blue Economy Development.” He described public investment as essential seed capital that de-risks private participation, strengthens regulatory institutions and aligns national priorities with long-term growth objectives.

Oloruntola warned that the current budgetary allocation to the marine sector is grossly inadequate when compared to the capital-intensive responsibilities of port modernisation, maritime security, fisheries, tourism and renewable energy. He therefore called for a dedicated Blue Economy Fund, stronger public–private partnerships, and the adoption of blue bonds, green financing instruments and development support from multilateral partners.

In his analysis, the Permanent Secretary outlined opportunities for Nigeria to harness, including the modernisation of seaports and inland waterways, support for indigenous shipping lines, expansion of fisheries and aquaculture, development of cruise terminals and eco-tourism infrastructure, as well as investment in marine biotechnology and renewable energy.

He argued that with the right financing structure, Nigeria could unlock access to over 1.5 trillion dollars in global blue economy opportunities projected by 2030, create millions of jobs, and secure sustainable livelihoods for coastal communities.

Also presenting at the event was Mr Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited, who delivered a paper titled “Marine and Blue Economy Development: Alternative Sustainable Financing Option.” He highlighted the role of the capital market in raising long-term financing for blue economy projects, underscoring the importance of sustainability-linked loans, blended finance and impact investments in building resilience across the sector.

The event drew broad participation from maritime associations, financial institutions, civil society and other interest groups, reflecting a shared recognition that the marine and blue economy is central to Nigeria’s diversification agenda.