Headlines

Oyetola seeks innovative financing to drive Nigeria’s Marine and Blue Economy

Funso OLOJO

The Minister of Marine and Blue Economy, 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.

Oyetola made this call in Lagos on Thursday, September 25th, 2025 at the 3rd Quarter Citizens’ and Stakeholders’ Engagement of the Ministry and its agencies.

Addressing an audience of 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, noting 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.

According to him, 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.

However, he reminded stakeholders that “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 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.

The Minister cited recent examples where financing has already yielded impact.

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.

He 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.

“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.

Headlines

NIWA partners ICPC to strengthen internal transparency in its operations

Gloria Odion, Maritime Reporter

The National Inland Waterways Authority (NIWA) has announced new strategies aimed at improving its operational system and enhancing collaboration with key stakeholders as part of efforts to boost efficiency and accountability.

Speaking at a post event Press Conference at NIWA Headquarters Lokoja, the Acting Managing Director, Umar Yusuf Girei, while answering questions from journalists stated that, the organization convened a two -day Executive and Anti-Corruption training with the theme “Strengthening Integrity and Revenue System in Inland Waterways Management” organized for Board Members, Management and Area Managers and also 2026 NIWA Management Retreat in Abuja.

The Acting MD noted as part of the Renewed Hope Agenda of President Bola Ahmed Tinubu,with the support Adegboyega Oyetola, Minister of Marine and Blue Economy, the Authority is focused on aligning institutional goals in ensuring better service delivery to Nigerians.

He further said, as part of its anti-corruption drive, the Management held discussions with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to explore measures for strengthening transparency within its operations.

Girei therefore, assured staff that the ongoing reforms under his watch would translate into improved service and better working conditions.

“NIWA remains committed to continuous improvement and stakeholder engagement and the reforms are expected to enhance both internal performance and public confidence”. he stated.

Headlines

Navy appoints new Maritime Guard Commander for NIMASA

Gloria Odion, Maritime Reporter

The Chief of the Naval Staff, Vice Admiral Idi Abbas, has approved the appointment of Commodore Reginald Odeodi Adoki as the Commander of the Maritime Guard Command at the Nigerian Maritime Administration and Safety Agency (NIMASA).

Commodore Adoki takes over from Commodore H.C Oriekeze who has been redeployed.

Commodore Adoki, a principal Warfare Officer specializing in communication and intelligence, brings onboard 25 years experience in the Nigerian Navy covering training, staff and operations.

As a seaman, he has commanded NNS Andoni, NNS Kyanwa and NNS Kada.

It was under his command that NNS Kada under took her maiden voyage, sailing from the country of build (the United Arab Emirates) into Nigeria.

He was commissioned into the Nigerian Navy in 2000 with a BSc in Mathematics.

He has since earned a Masters in International Law and Diplomacy from the University of Lagos and an M.Sc in Terrorism, Security and Policing at University of Leicester, England.

He is currently pursuing a Ph.D in Defence and Security Studies at the National Defence Academy (NDA).

He is a highly decorated officer with several medals for distinguished service.

Welcoming the new MGC Commander to the Agency, the Director General, Dr Dayo Mobereola, expressed confidence in Adoki’s addition to the team, emphasising that it will further strengthen the nation’s maritime security architecture given his vast experience in the industry.

The Maritime Guard Command domiciled in NIMASA was established as part of the resolutions of the Memorandum of Understanding (MoU) with the Nigerian Navy to assist NIMASA strengthen operational efficiency in Nigeria’s territorial waters, especially through enforcement of security, safety and other maritime regulations.

Customs

Customs collects N1.585 trillion from 51 compliant traders under AEO programme

Funso OLOJO, Editor

The Authorized Economic Operator (AEO), one of the trade facilitation tools introduced by the Nigeria Customs Service in 2025, has begun to yield bountiful harvests with the revenue growth of ₦362.79 billion recorded in 2025.

According to the AEO scorecard released by the Service, the facilitation tool grossed the sum of N1.585 trillion after certification, an increase revenue from N1.222 trillion before certification.

This represents the growth of N362.79 billion(29.68 per cent) for 51 AEO – certified entities as at October, 2025.

The Programme, according to the NCS, also contributed 21.77% to its total revenue collection of ₦7.281 trillion in 2025, while customs duties paid rose by 85.66% due to enhanced compliance and increased volumes of legitimate trade.

According to AEO Monitoring and Evaluation (M&E) Report, the Programme achieved an average compliance rate of 85.45 per cent with the highest at 100 per cent and the lowest at 60 per cent.

“The evaluation applied rigorous methodologies to ensure objectivity, transparency, and alignment with the World Customs Organisation (WCO) SAFE Framework of Standards and the provisions of the Nigeria Customs Service Act, 2023.

“In the area of trade facilitation, AEO participation reduced average cargo clearance time from 168 hours to 41 hours, representing a 75.60% time saving.

“Company operating costs declined by 57.2 per cent while demurrage payments dropped by 90 per cent, limiting capital flight to foreign-owned port service providers and strengthening foreign exchange retention.

” Overall trade efficiency improved by 77.11 per through digitalisation, simplified procedures, and targeted risk management” the Customs declared in the AEO scorecard.

However, the Service singled out with Eight companies for commendation due to their integrity and compliance under the programme.

The companies include Coleman Technical Industries Limited, WACOT Rice Limited, ROMSON Oil Field Services Ltd, WACOT Limited, Chi Farms Ltd, CORMART Nigeria Ltd, PZ Cussons Nigeria Plc, Nigerian Bottling Company Limited and MTN Nigeria Communications Plc.

The Service lauded them for a cumulative voluntary remittance of over a billion naira into the Federation Account following their self-initiated transaction review and disclosure.

“These actions reflect the strengthening of post-clearance audit mechanisms and a growing culture of voluntary compliance within the trading community.

Nevertheless, the Service suspended a firm under the programme for its non- compliance and display of lack of integrity.

The suspended firm engaged in false declaration of consignments contrary to programme obligations.

“Consequently, the Comptroller-General of Customs, Bashir Adewale Adeniyi, directed the immediate suspension of the company’s AEO status in accordance with the AEO Guidelines, the WCO SAFE Framework of Standards, and Section 112 of the Nigeria Customs Service Act, 2023.

The NCS reiterated that the AEO Programme is founded on trust, transparency, and continuous compliance.

“While compliant operators will continue to benefit from expedited clearance and reduced inspection, appropriate sanctions will be applied where violations are established.

“The Service remains resolute in safeguarding national revenue, facilitating legitimate trade, and preserving the integrity and global credibility of Nigeria’s AEO framework” the NCS concluded in the report.