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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.
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Analyses

The invisible toll gates:Why National Single Window is Nigeria’s ultimate economic battleground

Monday Discourse with  Ibrahim Nasiru
Walk into any market in Nigeria today, from the commercial hubs of Lagos to the roadside stalls in Yola, and ask why a bag of rice or an imported spare part costs three times what it did last year.
The typical public commentator will blame global inflation, floating currencies, or macro-economic shocks.
But those who understand logistics know the real truth lies buried under layers of paper, manual stamps, and artificial delays at our seaports.
Nigeria’s international trade is suffocating not from a lack of deep water, but from a deliberate design of convenience.
The recent operational rollout of the National Single Window (NSW) has triggered behind-the-scenes panic among Port cartels, and for good reason.
For decades, keeping our clearing processes fragmented, manual, and dependent on desk-to-desk human interaction was the perfect business model for syndicates.
When cargo dwell times drag on for 21 days, those delays are money in the pockets of the gatekeepers and a death sentence for local businesses.
Let us look at the raw field realities. The push by the Nigeria Customs Service to aggressively crash clearance times down to global 48-hour standards is meeting fierce internal resistance.
Why? Because a unified digital ecosystem means you cannot easily manipulate documentation, hide illicit cargo, or demand “mobilization fees” before signing off a container.
The outcry and protests from certain freight-forwarding syndicates aren’t about technical glitches; they are about the sudden closure of invisible toll gates.
This is exactly why governance at our national gateways can no longer be left to the mercy of transactional bureaucratic habits.
Building deep-sea infrastructure like Lekki Port is a massive physical achievement, but concrete and cranes are useless if the administrative processes at the gate remain backward.
 Real structural reform requires turning our Ports into automated, friction-free pipelines that prioritize production over rent-seeking.
If Nigeria wants to survive this fiscal squeeze, the National Single Window cannot just be treated as another glossy IT project launched in Abuja.
 It requires unyielding administrative enforcement to completely dismantle the corrupt cartels managing the manual desk chains.
The invisible toll gates at our Ports must be completely demolished, and that exact same structural discipline must be scaled across our border stations and trade corridors.
The era of managing international trade with 20th-century paper trails is dying. The future belongs to the builders of automated, transparent systems.
Chief Ibrahim Nasiru, a public affairs analyst,  writes from Abuja 
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Headlines

NANTA Exco embarks on seven-day Ghana retreat, fam trip to deepen regional tourism partnership

Gloria Odion, Reporter

The National Executive Council (NEC) of the National Association of Nigeria Travel Agencies (NANTA) has commenced a seven-day executive retreat and familiarisation (fam) trip to Ghana, hosted by Safari World, as part of efforts to strengthen regional tourism partnerships and expand cross-border travel opportunities.

The NANTA delegation was received at Safari World Homes in Accra by the Chairman of the Safari World Group, Mr. Ernest Gyekye, who expressed delight at hosting the Nigerian travel trade leaders.

He assured the delegation of a memorable experience throughout their week-long stay.

Speaking on the significance of the visit, NANTA President, Mr. Yinka Folami, described the retreat and familiarisation tour as a strategic initiative aimed at fostering stronger business relationships and promoting collaborative tourism development across Africa.

“This mission is not a leisure trip,” Folami said. “It is a deliberate step to implement and expand our association’s marketing advocacy for Nigerian brands across borders.”

He noted that Nigeria and Ghana share deep historical, cultural and commercial ties that should be leveraged to drive tourism growth on the continent.

“Nigeria and Ghana share history, culture, trade and people. The future of our tourism cannot be built in silos,” he said.

“This retreat is about moving from policy to practice—creating real products, real partnerships and real movement of travellers between Accra and Lagos.”

As part of the programme, the NANTA executives will engage in strategic business-to-business (B2B) meetings with their Ghanaian counterparts, tour key tourism destinations under the Safari World brand, and participate in cultural exchange activities designed to promote stronger bilateral tourism cooperation.

The itinerary spans Safari World’s three flagship destinations, including Safari Homes in Accra, the Aqua Safari riverfront experience, Safari Island Cruise, Safari Nautica, and Safari Recreation and Sports facilities in Ada, as well as the Safari Valley Eco Resort and Safari Eco Park in Dawu.

Operating under the brand promise, “One World, Three Destinations, Over 20 Unique Experiences,” Safari World is leveraging the visit to strengthen its footprint in the Nigerian travel market while positioning Ghana as a premier destination for leisure tourism, conferences, group travel, family holidays and premium tourism experiences.

A major highlight of the visit will be the Executive Dinner scheduled for July 21 at the Safari Valley Eco Resort, where key stakeholders from Nigeria and Ghana’s tourism industries will deliberate on strategies for deepening travel trade and advancing regional tourism development.

The familiarisation tour is expected to provide NANTA’s leadership with first-hand knowledge of Safari World’s tourism offerings, paving the way for the development of attractive travel packages and stronger business partnerships that will benefit Nigerian travellers and the wider West African tourism industry.

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Customs

Ogun Customs spurns claims of Smugglers’ takeover of Idiroko–Sango Ota trading Route

Funso OLOJO, Editor

The Ogun I Area Command of the Nigeria Customs Service (NCS) has dismissed as false reports alleging that smugglers had taken over the Idiroko–Sango Ota trading route in Ogun State, describing the claims as a deliberate misrepresentation of a traffic incident.
In a statement issued by the Command’s Public Relations Officer, Superintendent of Customs (SC) Chado, the Command clarified that the traffic gridlock on the route resulted from the breakdown of an articulated commercial trailer after it fell into a badly deteriorated section of Atan Road, temporarily obstructing the free flow of traffic.
According to the Command, the vehicles caught in the ensuing congestion were legitimate commercial trucks transporting red palm oil to various local markets and had no connection whatsoever with smuggling activities.
It explained that the large number of heavy-duty trucks trapped in the gridlock may have led some members of the public to wrongly conclude that smugglers had taken over the road.
“The reports that smugglers blocked the road are inaccurate. The disruption resulted from a road accident and poor road conditions. The vehicles involved were lawful commercial vehicles transporting red palm oil for legitimate trade,” Chado stated.
The Command urged journalists, social media users and the general public to verify information before disseminating reports capable of creating unnecessary panic or undermining public confidence in security agencies.
Observers within the border trade sector noted that the allegation does not reflect the prevailing security situation within the Ogun I Area Command, where anti-smuggling operations have been intensified under the leadership of the Acting Customs Area Controller, Comptroller O.O. Afeni.
Since assuming office, Comptroller Afeni has strengthened intelligence-driven surveillance, enhanced collaboration with other security agencies and host communities, and sustained pressure on economic saboteurs operating along the Ogun border corridors.
These measures, according to stakeholders, have resulted in significant seizures of prohibited goods and reinforced the Command’s resolve to safeguard Nigeria’s economy and territorial integrity.
Maritime and border trade stakeholders also cautioned against the spread of unverified information capable of undermining the efforts of security personnel or creating a false impression of lawlessness in border communities.
They stressed that while combating smuggling remains an ongoing responsibility, responsible and accurate reporting is equally critical to ensuring that operational achievements are not overshadowed by misinformation.
The Ogun I Area Command reaffirmed its commitment to sustaining its anti-smuggling campaign while facilitating legitimate cross-border trade in line with the statutory mandate of the Nigeria Customs Service.

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