Connect with us

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.
Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Greg Ogbeifun confirms chairmanship of 10th AMSAY Conference Anniversary on May 27th.

Gloria Odion,  Maritime reporter 
The organisers of the Annual Maritime Students and Youth (AMSAY) Conference have announced that  renowned ship owner and Chairman of Starzs Investment Company Ltd, Engr Greg Ogbeifun will chair the 10th anniversary of the event scheduled to hold in Lagos on May 27, 2026.
The announcement comes as preparations intensify for what is widely regarded as a landmark edition of the youth-focused maritime conference.
The 10th AMSAY Conference marks a decade of sustained youth engagement, innovation, and impact in Nigeria’s maritime sector.
It is expected to bring together industry leaders, policymakers, stakeholders, and young professionals from across the maritime ecosystem.
Engr. Ogbeifun’s confirmation as Chairman adds significant weight to the anniversary event.
He previously served as the Pioneer Chairman during the maiden edition of the conference in 2016, and his return ten years later is described by the organisers as both symbolic and strategic.
According to the Convener and CEO of Platforms Communications, Mr Sylvanus Obasi, the decision reflects a deliberate effort to connect the conference’s origins with its current status, noting that the AMSAY Conference has evolved significantly over the past decade.
He highlighted that several key initiatives now associated with the conference were not part of its original design.
 Among these are the Best Graduating Maritime Students Awards (BEGMASA); the  Fola Ojutalayo Annual Maritime Speech-Making Competition (FOAMSC), including the Maritime Career Mentoring Program (M-CAMP).
These programmes, according to him, have become integral components and offshoot of the AMSAY Conference brand.
Speaking further, Obasi stated that the initiatives have delivered measurable impact in youth development and professional capacity building, even as he further described the growth of these programmes as evidence of the conference’s commitment to continuous improvement.
“Bringing Engr. Ogbeifun back after ten years is a strategic move. It gives us the opportunity to reflect on our journey and showcase our achievements.”, the Convener said, adding that the anniversary edition will also provide a platform to draw from Engr Greg’s  wealth of experience and industry insight.
Also speaking, the Chairman, Central Planning Committee of AMSAY Conference, Mr Nnamdi Eronini hinted that the 10th AMSAY Conference is expected to feature robust discussions, mentorship engagements, and knowledge-sharing sessions.
He reaffirmed the organisers commitment to advancing the maritime sector through sustained youth engagement and innovation, noting that the event is positioned as a leading platform for shaping the future of Nigeria’s maritime industry.
Continue Reading

Customs

Oyo/Osun Customs Command collects 27.2billon revenue in Q1 2026

Funso OLOJO,  Editor 
The Oyo/Osun Command of the Nigeria Customs Service (NCS) has posted an impressive 95% increase in revenue collection in the first quarter of 2026 compared to the same period in 2025.
Led by Acting Comptroller Wale Moses Adewole, the command generated ₦27.2 billion between January and March 2026, up from ₦13.97 billion in Q1 2025.
A breakdown of the generated revenue revealed that the command raked in a total sum of N5,977,766,941.65 in January 2026 which was about N2 billion lower (23% down) than the total sum of N7,804,408,776.88 collected in the same period of 2025.
However, despite a dip in January, revenue rebounded strongly in February and March.
 In February , the command’s revenue collection jumped up astronomically to a total sum of N8,767,974,864.40 against the very low total revenue of N2,289,193,870 realized in the corresponding period of 2025.
This year’s February revenue is over 383% higher than the revenue collected the same period last year.
February’s performance was the standout, with collections nearly quadrupling year-on-year.
In March 2026, Acting Comptroller Adewole’s administrative ingenuity and thoroughness further shored up the revenue generation of the command in the month under review to a total sum of N12,454,516,158.62.
 In the corresponding period  of last year, the command’s generated revenue was a patry sum of N3,877,668,667.
This year’s March revenue achievement represents 321% rise over last year’s.
 Acting Comptroller Adewole’s administrative reforms and enforcement measures are credited with driving the surge.
Overall, the command’s Q1 results underscore a significant improvement in efficiency and compliance, positioning Oyo/Osun as one of the strongest performing Customs Commands in the country.
Continue Reading

Headlines

NRC decries ceaseless attacks, vandalism on trains along Abuja- Kaduna rail corridor 

Funso OLOJO, Editor 
The Nigerian Railway Corporation (NRC) has lamented the ceaseless attacks on its train operations along the  notorious Abuja–Kaduna rail corridor by suspected vandals and criminal elements.
In a statement by the Corporation,the latest incident occurred around Kilometer 177 along the Abuja–Kaduna rail corridor, where some unknown persons reportedly gathered along the rail track and began pelting stones at a moving train, leading to damage to the windscreen of the leading locomotive.
The NRC noted with deep concern that within the last two weeks, similar attacks have also been witnessed in other locations, including Gidan Busa/Sarki Gora Village, Kakau District, Chikun Local Government Area of Kaduna State, among others, a development it feared is posing serious danger to railway operations, passengers, and operational personnel.
The NRC management disclosed that similar incidents have so far been recorded in more than six locations along the corridor, thereby worsening the already challenging and stressful operational conditions under which the Corporation continues to provide essential transport services to Nigerians.
The NRC stated that these persistent attacks not only endanger lives and damage critical railway infrastructure, but also constitute acts of economic sabotage capable of disrupting national transportation and undermining the huge investments of the Federal Government in the railway sector.
The Corporation however assured that despite the unfortunate development, train operations have continued with necessary safety precautions and strict operational vigilance by railway personnel who have continued to demonstrate commitment and professionalism in ensuring that passengers reach their destinations safely.
The Management of the Corporation specially acknowledged the efforts and support of security operatives working tirelessly with the NRC to secure railway corridors and safeguard passengers and railway assets despite the persistent attacks.
It said it is currently working closely with security agencies, community leaders, and other relevant stakeholders to strengthen surveillance along the corridor, identify the perpetrators, and bring them to justice.
The NRC therefore called on residents and communities along railway corridors to support efforts aimed at protecting railway infrastructure by reporting suspicious activities and discouraging criminal attacks on trains and railway installations.
NRC further expressed concerns that continuous attacks on railway operations could negatively affect smooth service delivery if urgent collective action is not taken to curb the menace.
“The Nigerian Railway Corporation remains committed to ensuring safe, secure, and efficient train operations across the country and assures passengers that every necessary measure is being taken to safeguard lives and railway assets” the statement concluded.
Continue Reading

Trending