The Minister of Marine and Blue Economy, Adegboyega Oyetola, has stressed that innovative financing remains the decisive factor in unlocking Nigeria’s vast marine resources and delivering on the country’s new 10-year National Policy on Marine and Blue Economy.
Speaking in Lagos on Thursday at the 3rd Quarter Citizens’ and Stakeholders’ Engagement of the Ministry and its agencies, Oyetola said without sustainable investment, Nigeria risks leaving its marine wealth underutilised despite the clear roadmap approved by the Federal Executive Council earlier this year.
He highlighted opportunities for growth across shipping, fisheries, aquaculture, marine tourism, coastal infrastructure, renewable energy, and ocean research, but insisted that government cannot shoulder the responsibilities alone. According to him, mobilising private sector participation, international financing, and innovative instruments such as public private partnerships and blue bonds will be critical to turning policy into measurable results.
“Vision without financing remains no more than a dream. 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, and ensure every stakeholder initiative complements the national policy,” Oyetola told participants.
The Minister recalled the Ministry’s recent performance milestones, including a 96 percent score from the Central Results Delivery Coordination Unit in the first quarter of 2025, and its recognition as the best performing ministry by the Presidential Enabling Business Environment Council in 2024. He pointed to ongoing port rehabilitation, aquaculture expansion, and maritime security initiatives as proof of the sector’s potential when adequately funded.
Permanent Secretary of the Ministry, Olufemi Oloruntola, in a technical presentation, warned that budgetary allocations to the marine sector remain grossly inadequate. He called for a dedicated Blue Economy Fund, stronger public private partnerships, and the adoption of financing tools such as blue bonds and sustainability linked loans to bridge funding gaps.
Oloruntola identified opportunities for Nigeria to modernise ports and inland waterways, boost fisheries and aquaculture, develop eco-tourism infrastructure, and invest in marine biotechnology and renewable energy. He argued that with the right financing structure, the country could tap into over $1.5 trillion in global blue economy opportunities projected by 2030.
Also speaking at the forum, Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, underscored the role of capital markets in raising long-term financing for blue economy projects, highlighting blended finance and impact investments as key drivers of sectoral resilience.
The event drew participants from maritime associations, financial institutions, civil society, and industry stakeholders, reflecting broad consensus on the central role of the marine and blue economy in Nigeria’s diversification agenda.