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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

National Single Window: Paper on glass(6)

Monday Discourse with Nasiru Ibrahim 

The deployment of digital software portals across Nigeria’s maritime gateways has created a dangerous sense of administrative accomplishment.

On paper, policy declarations boast of automated workflows and modern interfaces designed to ease the cost of doing business. On the ground, however, the reality remains stubbornly archaic.

If the presidency and the newly minted National Single Window team believe that true automation begins and ends with front-end digital software portals like the new B’Odogwu Customs System, they are falling for an expensive trap.

True technological transformation cannot simply mean scanning old bureaucracies onto a computer screen. Cosmetic digitization does not eradicate systemic corruption; it merely moves the extortion from the physical Port gate onto a digital dashboard.

The structural flaw undermining our current modernization drive is the “scanned paper” reality. Clearing agents are routinely forced to upload digital documents onto unified portals, only to face the absurdity of printing out those exact same files to present them physically at various Port commands.

This duplication completely defeats the purpose of an automated gateway.
True single window success requires the total legal abolition of physical paper documentation within the Port perimeter.

We must transition from an era of “paper-on-glass” to pure, untampered digital data flows. A digital portal is utterly useless if the data it processes is still manually verified, delayed, or altered by human gatekeepers behind the scenes.

To break this cycle, the system must shift from human discretion to algorithmic risk profiling. We must enforce a machine-driven risk engine that automatically routes cargo through green, yellow, or red channels based entirely on hard data and compliance history.

Under this framework, once a container profile passes automated risk evaluation, an individual officer should not possess the arbitrary power to flag it for a manual “re-examination.”

Unauthorized human interventions on automated system routing must be treated as institutional sabotage and criminalized accordingly. Removing human delays from the logistics chain requires stripping human actors of the capacity to stall.

Furthermore, we must aggressively implement a single wallet mandate to clean up the financial architecture of our Ports. A true single window platform must consolidate all customs duties, agency fees, and terminal charges into one single electronic transaction.

This eradication of multi-layered payment checkpoints will instantly dry up the illicit cash demands that fuel the multi-billion-naira demurrage trap.

By deploying automated escrow systems, the central portal can instantly distribute revenues to the respective agency accounts—be it the Nigeria Customs Service, NPA, or NIMASA—only after automated cargo release metrics are met.

The ultimate structural shift, however, requires moving the entire national Port philosophy beyond the physical gate.

Top-tier maritime capitals like Singapore and Rotterdam do not stall their economies by interrogating cargo at the wharf; they rely on Post-Clearance Audits (PCA).

Nigeria must transition to a system where cargo is released instantly within a guaranteed 24-hour window based on automated risk profiles, while reserving heavy verification for robust, off-site corporate audits later.

Until we replace cosmetic upgrades with this level of raw process re-engineering, our software portals remain empty promises. True automation is not a software purchase; it is an uncompromising institutional discipline.

Chief Ibrahim Nasiru, a public affairs analyst, writes from Abuja

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Oyetola presents three-year score card as blue economy industry revenue hits ₦1.83trn

Funso OLOJO,  Editor

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has declared that Nigeria’s maritime sector has undergone a far-reaching transformation in the three years since President Bola Ahmed Tinubu created the Federal Ministry of Marine and Blue Economy in August 2023.

Oyetola, while presenting the Ministry’s three-year scorecard, said the administration had made significant progress in unlocking the economic potential of Nigeria’s 853-kilometre coastline and extensive inland waterways, with the marine and blue economy increasingly emerging as a major driver of revenue, trade, security and employment.

According to him, the reform programme has produced measurable gains in revenue generation, port infrastructure, maritime security, regulation, indigenous shipping, human-capital development, fisheries and inland-waterway safety.

“At the heart of our mandate is a simple but powerful objective: to turn Nigeria’s vast marine resources into sustainable economic value for Nigerians,” Oyetola said.

Revenue climbs 160 per cent

The Minister identified revenue growth as one of the clearest indicators of the sector’s transformation.

Agencies under the Ministry generated ₦1.83 trillion in 2025, representing a 160 per cent increase over the ₦700.79 billion recorded in 2023.

Oyetola attributed the surge to regulatory reforms, stronger revenue assurance, digitisation and the systematic closure of financial leakages.

He said the improved revenue performance was part of a broader strategy to establish a more transparent, efficient and investment-friendly maritime economy.

Nigeria gets first blue economy policy

A major milestone of the reform programme, according to Oyetola, was the approval in May 2025 of Nigeria’s first National Policy on Marine and Blue Economy.

He said the policy provided, for the first time, a unified framework for developing shipping, fisheries, offshore energy, marine biotechnology and other emerging opportunities within the marine economy.

“This policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably,” he said.

The Minister said the policy would guide government intervention while providing greater certainty for private-sector investment across the marine and blue economy value chain.

Ports undergo major transformation

Port modernisation, Oyetola said, remained at the centre of the Ministry’s transformation agenda.

He said the Federal Government was implementing a comprehensive programme to upgrade major seaports, including Apapa, Tin Can Island, Onne, Rivers, Calabar and Warri.

The programme covers channel improvements, modern cargo-handling infrastructure and increased digitisation of terminal operations, aimed at improving efficiency and enabling Nigerian ports to handle larger volumes of international trade.

The reforms have also attracted international recognition.

The World Bank and S&P Global Market Intelligence ranked Tin Can Island Port 10th and Lagos Port Complex, Apapa, 12th among the world’s 20 most improved container ports between 2020 and 2025.

Oyetola said government had also made progress in tackling congestion around the Apapa port environment through the electronic truck call-up system, dedicated holding bays and expanded inland barging.

The acquisition of modern tugboats, pilot cutters and dredging equipment by the Nigerian Ports Authority, he added, had further strengthened port operations.

“We have moved from managing congestion to building a port system that can compete globally,” Oyetola said.

He said the Federal Government was also pursuing an expansion of port capacity through deep-seaport projects in Akwa Ibom, Cross River, Bayelsa, Ondo, Lagos and Rivers states.

The operationalisation of inland dry ports, including the Funtua Inland Dry Port in Katsina State, is similarly expected to take cargo-handling and clearance services closer to businesses in the hinterland and reduce pressure on coastal ports.

Regulation, lower costs for port users

The Minister said regulatory reforms had also delivered tangible benefits to businesses operating in the maritime sector.

According to him, the new Nigeria Ports Economic Regulatory Authority framework will strengthen economic regulation of the port sector, while interventions by the Ministry and its agencies have saved port users more than ₦86 billion in unjustified demurrage.

He added that nearly 300 commercial disputes had been resolved through Alternative Dispute Resolution.

Oyetola said government had introduced measures to eliminate unauthorised shipping charges and strengthen freight and foreign-exchange verification in an effort to reduce leakages and curb capital flight.

He said the objective was to create a maritime business environment where legitimate operators could compete on a level playing field while Nigerian businesses were protected from avoidable costs.

Maritime security records major gains

Improved port efficiency, Oyetola said, had been accompanied by significant gains in maritime security.

Nigeria has maintained zero piracy in its territorial waters for four consecutive years, according to the Minister, with maritime security assets deployed under the Deep Blue Project helping to secure the country’s waters.

He said the achievement had eliminated costly piracy-related surcharges on vessels calling at Nigerian ports while strengthening Nigeria’s reputation as a safer maritime corridor.

Nigeria also regained its seat on the International Maritime Organization Category C Council in November 2025, following a 14-year absence.

Through the Nigerian Maritime Administration and Safety Agency, the country also secured the lifting of the 12-year United States Coast Guard Condition of Entry restrictions affecting vessels arriving from Nigerian ports.

“These achievements demonstrate that Nigeria is not only reforming its maritime sector at home; we are reclaiming our rightful voice and influence internationally,” Oyetola said.

Indigenous shipping gets renewed attention

Oyetola said the Federal Government remained committed to increasing Nigerian participation in the shipping industry.

He disclosed that plans were at an advanced stage to revive a national shipping carrier through a public-private partnership, while the long-awaited process for disbursing the Cabotage Vessel Financing Fund (CVFF) had commenced.

The fund, he said, would enable Nigerian shipowners to acquire modern vessels and strengthen indigenous capacity.

“We cannot build a truly blue economy if Nigerians remain spectators in their own maritime industry,” he said.

Human-capital development has also received increased attention, with seafarer training and sea-time placements expanded to create more opportunities for Nigerians seeking careers at sea.

According to Oyetola, the interventions have contributed to an increase of more than 80 per cent in average seafarer earnings.

He added that the Ministry, through the Nigeria Port Economic Regulatory Agency, facilitated a ₦200,000 monthly minimum wage for maritime and shipping workers.

Blue economy expands beyond ports

Oyetola said the Ministry’s transformation agenda extends beyond shipping and ports to fisheries, inland waterways, marine safety and environmental sustainability.

He said the Ministry supported the Federal Government’s Naira-for-Crude policy by streamlining marine logistics for domestic refineries.

On inland waterways, safety interventions have included the distribution of thousands of lifejackets and plans to replace unsafe wooden boats with modern fibreglass vessels.

The fisheries sector, he said, recorded further growth, with fish production reaching 1.4 million metric tonnes in 2025.

Nigeria also achieved 100 per cent compliance with Turtle Excluder Device requirements among inspected commercial shrimp trawlers, helping to protect marine biodiversity and preserve access to international markets.

Oyetola said the interventions reflected the Ministry’s broader philosophy that economic development and environmental sustainability should reinforce rather than undermine each other.

Digitisation and new institutions

Institutional reform has also featured prominently in the Ministry’s three-year programme.

Oyetola said the Ministry had digitised its internal operations through an Enterprise Content Management System (ECMS) to improve efficiency, transparency and accountability.

He also disclosed that the Ministry helped resolve a 16-year impasse that paved the way for the operationalisation of the Regional Maritime Development Bank (RMDB) in Nigeria.

According to him, the development would improve access to financing for businesses and projects across the maritime value chain.

Foundation for the next phase

Oyetola said the achievements recorded over the past three years should be regarded as the foundation for a much larger economic opportunity.

He said the ultimate objective was to establish a maritime ecosystem in which efficient ports support trade, stronger security attracts shipping, Nigerian businesses capture a greater share of the maritime value chain, coastal and inland communities benefit from new economic opportunities, and marine resources are developed sustainably.

According to him, the combination of rising revenues, a new national policy framework, port modernisation, improved maritime security, stronger regulation, investment in human capital and renewed international engagement had placed Nigeria’s marine and blue economy on a stronger trajectory.

“The blue economy is no longer an untapped frontier. It is becoming a major engine of national prosperity, regional competitiveness and sustainable growth,” Oyetola said.

 

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NIHOTOUR promotes culinary, cultural exchange at Nigeria-China food festival

Gloria Odion, Reporter

The National Institute for Hospitality and Tourism (NIHOTOUR), in collaboration with the China Cultural Centre in Nigeria, has used the 2026 Nigeria-China Food Festival to promote culinary diplomacy, cultural exchange and stronger people-to-people relations between the two countries.

The festival, held on August 27 at the China Cultural Centre in Abuja, was themed “From Farm to Feast” and formed part of activities marking 55 years of diplomatic relations between Nigeria and China.

The event brought together more than 200 participants, including hospitality professionals, chefs, tourism stakeholders, government officials, diplomats, entrepreneurs and cultural practitioners from both countries.

A major attraction of the festival was the presentation of 14 Chinese dishes representing seven regions of China alongside 12 Nigerian dishes reflecting the country’s six geopolitical zones.

The diverse selection offered guests an opportunity to experience the distinctive ingredients, preparation techniques and culinary traditions of both countries while learning about the communities and cultures behind the food.

For NIHOTOUR, the festival also served as a platform to showcase Nigerian cuisine as an important component of the country’s tourism proposition and draw attention to the wide range of people and enterprises that make up the food and hospitality value chain.

Speaking at the event, the Director-General/Chief Executive Officer of NIHOTOUR, Aare Abisoye Fagade, reaffirmed the Institute’s commitment to developing the skills and human capacity needed to strengthen Nigeria’s hospitality and tourism industry.

Fagade said such initiatives could help create opportunities for young people, professionals and entrepreneurs while promoting Nigeria’s rich culinary heritage to domestic and international audiences.

The theme, “From Farm to Feast,” also highlighted the extensive value chain behind every meal—from farmers and food producers to processors, chefs, hospitality operators and businesses that ultimately serve consumers.

NIHOTOUR used the occasion to emphasise the tourism potential embedded in Nigeria’s diverse culinary traditions. Each of the country’s six geopolitical zones has distinctive dishes, ingredients and methods of preparation that can be developed into authentic cultural and tourism experiences.

The Chargé d’Affaires ad interim of the Embassy of the People’s Republic of China in Nigeria, Mr. Zhou Hongyou, underscored the importance of food in promoting cross-cultural understanding and strengthening people-to-people relations.

Also in attendance was the Cultural Counsellor of the Chinese Embassy and Director of the China Cultural Centre in Nigeria, Mr. Yang Jianxing.

Their participation reinforced the role of cultural diplomacy in deepening the longstanding relationship between Nigeria and China.

Beyond the food presentations, the festival featured cultural activities and opportunities for interaction between Nigerian and Chinese participants. It also opened avenues for potential collaboration in hospitality, tourism, culinary training, cultural exchange and enterprise development.

The event comes at a significant point in Nigeria-China relations, with both countries commemorating 55 years of diplomatic ties. While bilateral relations have expanded into areas such as trade, investment, infrastructure and education, cultural initiatives provide an important avenue for strengthening the relationship at the people-to-people level.

NIHOTOUR said it would continue to pursue partnerships capable of advancing Nigeria’s hospitality and tourism sector, strengthening professional capacity, supporting enterprise development and creating opportunities across the tourism value chain.

Through initiatives such as the Nigeria-China Food Festival, the Institute is positioning food and hospitality not only as avenues for economic development but also as powerful instruments of cultural diplomacy and international engagement.

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