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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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Dantsoho, Mobereola, Akutah, LASWA GM, Fakolade, Okorefe to headline Primetime Reporters’ 2026 annual lecture

Gloria Odion, Maritme reporter 

Former lecturer at the Nigerian Maritime University, Okerenkoko, Delta State, Dr. Charles Okorefe, has been appointed keynote speaker for the 2026 Primetime Reporters’ Annual Lecture and Awards scheduled to hold in Lagos on October 15.

Okorefe’s appointment comes as a strong line-up of senior maritime, ports, logistics and blue economy stakeholders has been assembled for the annual industry gathering.

Among those expected to speak at the event are the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho; Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola; and Director-General of the Nigerian Ports Economic Regulatory Agency (NPERA), Barr. Pius Akutah.

Others are the Special Adviser to the Lagos State Governor on Blue Economy and General Manager of the Lagos State Waterways Authority (LASWA), Mr. Oluwadamilola Emmanuel; Managing Director of Trucks Transit Park (TTP), Mr. Jama Onwubuariri; and National Coordinator of the National Single Window Secretariat, Mr. Tola Fakolade.

The 2026 lecture, organised by Primetime Reporters, will bring together policymakers, regulators, industry operators and other stakeholders to examine emerging issues shaping Nigeria’s maritime, ports, logistics and blue economy sectors.

The event is themed: “Smarter Gateways, Greener Logistics: Leveraging the Port Community System and National Single Window for Zero-Emission Trade.”

The theme is expected to focus attention on the need to accelerate digital transformation across Nigeria’s ports and logistics ecosystem through greater integration, automation, data sharing and technology-driven trade processes.

Okorefe’s selection as keynote speaker is expected to bring an academic and industry perspective to the discourse, given his experience in maritime education and professional practice.

His presentation is expected to examine the opportunities and challenges associated with developing smarter, more connected and environmentally sustainable maritime gateways, while highlighting the role of digital integration in improving port efficiency and trade facilitation.

Okorefe, who is Managing Director and Chief Executive Officer of Kamany Marine Services Limited, is the author of ABC of Shipping and Ports’ Operation in Nigeria. He also serves as South-South Coordinator of the Chartered Institute of Transport Administration of Nigeria.

The other speakers are expected to bring sector-specific perspectives to discussions around port administration, maritime regulation, inland waterways transportation, logistics, digital trade facilitation and the implementation of the National Single Window.

Speaking on the significance of the event, Managing Director and Editor-in-Chief of Primetime Reporters, Mr. Saint Augustine Nwadinamuo, said the annual lecture would provide a platform for stakeholders to assess ongoing reforms in the maritime sector and develop practical strategies for improving port efficiency and Nigeria’s trade competitiveness.

He said discussions would also focus on reducing cargo dwell time, strengthening trade facilitation and positioning Nigeria as a competitive maritime hub.

Particular attention is expected to be devoted to the Port Community System (PCS) and National Single Window (NSW), which are being developed as key instruments for streamlining cargo clearance, reducing paperwork, enhancing transparency and connecting stakeholders across the maritime and trade ecosystem.

The event will also feature the presentation of the Primetime Reporters’ 2026 Maritime and Blue Economy Awards to individuals and organisations recognised for their contributions to the development of Nigeria’s maritime industry.

Nwadinamuo said the awards would be based on merit, professional track record and measurable contributions to the sector, stressing that they were not for sale.

The 2026 Annual Lecture and Awards is scheduled for Thursday, October 15, 2026, at Rockview Hotels, GRA, Apapa, Lagos, beginning at 10:00 a.m.

A former Director-General of NIMASA, Barr. Temisan Omatseye, is expected to chair the event.

The gathering is expected to attract senior government officials, regulators, terminal operators, freight forwarders, shipping companies, logistics practitioners, academics, professional associations, journalists and other stakeholders across Nigeria’s maritime and trade sectors.

Nwadinamuo called on government agencies, professional associations, corporate organisations, maritime stakeholders and individuals to partner with Primetime Reporters to ensure the success of the 2026 Annual Lecture and Awards.

He said partnership opportunities include advertisement placements in the event brochure and other event materials, sponsorship of the entire programme or specific segments, as well as other opportunities associated with the event.

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Ehingbeti summit seeks coastal resilience fund for Nigeria’s littoral communities

 Funso OLOJO, Editor

Stakeholders at the 4th Ehingbeti Maritime Hub Summit have called for the establishment of a dedicated Coastal Resilience Fund to finance coastal protection, infrastructure development and livelihood-support programmes in communities threatened by environmental degradation and inadequate infrastructure.

The stakeholders said such a financing mechanism would provide a sustainable funding window for strengthening Nigeria’s coastal communities while enabling them to participate more actively in the emerging marine and blue economy.

The call was made at the 4th Ehingbeti Maritime Hub Summit held Thursday at the Oriental Hotel, Victoria Island, Lagos, where experts, policymakers and industry players examined the legal, regulatory, security and investment frameworks required to unlock Nigeria’s blue economy potential.

Delivering the keynote address, President of the Maritime Arbitrators Association of Nigeria (MAAN), Chief Jean Chiazor Anishere, SAN, said Nigeria needed to move beyond policy declarations and develop practical financing mechanisms capable of addressing the infrastructure and environmental challenges confronting its coastal communities.

Anishere urged the Federal Government to leverage international financing opportunities, including climate funds, development finance institutions and multilateral organisations, to scale up investments in coastal resilience and community development.

She said sustained investment in coastal infrastructure would protect livelihoods, strengthen economic assets and create an enabling environment for coastal communities to benefit directly from the blue economy.

The Senior Advocate of Nigeria also stressed the importance of effective governance, saying Nigeria’s blue economy could only thrive where there was a predictable legal and institutional framework for investment, innovation and sustainable exploitation of marine resources.

She called for a regulatory regime that would provide certainty and security for investors while remaining flexible enough to encourage innovation, environmentally responsible enough to protect marine resources and inclusive enough to deliver benefits to coastal populations.

According to her, security, sustainability and governance would remain critical pillars of Nigeria’s blue economy development.

Anishere further advocated improved waste-management infrastructure, sustainable fishing practices, recycling education and environmental stewardship programmes targeted at coastal communities.

She also urged greater private-sector participation in blue tourism, resilient infrastructure and marine-based enterprises, stressing the need for appropriate incentives, streamlined regulations and public-private partnerships.

Representing Lagos State Governor, Mr Babajide Sanwo-Olu, the Permanent Secretary, Lagos State Ministry of Tourism, Arts and Culture, Mrs Bopo Oyekan-Ismaila, said the state was committed to an inclusive approach to blue economy development.

She noted that although the Ehingbeti initiative was historically associated with Lagos Island, the state’s blue economy agenda would extend to communities across Lagos.

Oyekan-Ismaila said Governor Sanwo-Olu had encouraged participants to collaborate in producing a communiqué that would provide practical recommendations for advancing the blue economy agenda of Lagos State.

The Convener of the Ehingbeti Maritime Hub and Founder of the Ocean Ambassadors Foundation, Hon. Olaitan Violet Williams, said the Hub was established in 2023 to reconnect Lagos with its rich maritime history.

According to her, Ehingbeti represents an important chapter in the evolution of Lagos from its early trading history to the modern-day Eko.

Williams identified inland waterways as one of the most immediate opportunities available to Nigeria under the blue economy agenda, but lamented that the country’s estimated 10,000 kilometres of waterways remained largely underutilised.

She called for increased investment and stronger legal protection for investors, arguing that Nigeria could not unlock the economic value of its waterways while large sections remained unnavigable.

The Chairman of the occasion and Chairman of the NIWA Governing Board, Alhaji Mukhtar Shehu Shagari, represented by a member of the Board, Capt. Tajudeen Alao, commended Williams for her commitment to the development of Nigeria’s marine and blue economy.

Shagari said coastal communities must remain at the centre of blue economy policies and called for an appropriate legal framework to accelerate the development of Nigeria’s littoral states.

Representing the Flag Officer Commanding, Western Naval Command, Rear Admiral Abubakar Mustapha, Rear Admiral N.C. Okon called for stronger maritime regulation and effective enforcement of existing laws.

Okon identified “sea blindness” as one of the factors limiting Nigeria’s ability to fully exploit its maritime potential.

He said effective collaboration among government agencies, coastal communities and development partners was essential to building a sustainable maritime economy.

According to him, Nigeria’s blue economy ambitions could not be sustained in an environment characterised by insecurity, environmental degradation, illicit maritime activities and regulatory uncertainty.

He reaffirmed the Nigerian Navy’s commitment to providing the secure maritime environment necessary for commerce, investment and the sustainable exploitation of the country’s marine resources.

Also speaking, Chairman of the Nigerian Council of Registered Insurance Brokers (NCRIB), Ekeoma Ezeibe, described insurance as a critical component of maritime and blue economy development.

She said adequate insurance protection was necessary to safeguard maritime assets, infrastructure and businesses against the wide range of risks associated with marine operations.

A major highlight of the summit was the launch of the 28 Inland Waterways Investment Jigsaw, an initiative designed to identify and showcase viable investment opportunities across Nigeria’s inland waterways and provide a structured pathway for increased private-sector participation.

The initiative is expected to support investment in water transportation and other marine-related businesses by drawing attention to specific opportunities across the country’s inland waterways.

The summit brought together government representatives, maritime professionals, security agencies, legal practitioners, insurers, traditional rulers, academics, private-sector operators and representatives of coastal communities.

Participants reaffirmed the need for stronger regulation, enhanced maritime security, sustainable financing, infrastructure investment and community inclusion if Nigeria is to translate its vast blue economy potential into sustainable economic growth and improved livelihoods.

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NPERA initiates move for smooth hand over of Inland Dry ports to NPA

–as Akutah proposes inter-agency committee to avert jurisdictional clashes, streamline cargo movement

Funso OLOJO Editor 

The Nigerian Ports Authority (NPA) and the Nigerian Ports Economic Regulatory Agency (NPERA) have begun moves to prevent jurisdictional conflicts and operational disruptions in the management of Nigeria’s Inland Dry Ports (IDPs) as the Federal Government implements sweeping reforms in the port regulatory architecture.

The two agencies agreed to strengthen collaboration and establish a coordinated framework for the transition during a high-level meeting between their management teams at the NPA Corporate Headquarters in Lagos.

The meeting was convened at the instance of the Minister of Marine and Blue Economy,  Adegboyega Oyetola, against the backdrop of recent reforms arising from the enactment of the Nigerian Ports Economic Regulatory Agency Act, 2026.

The development followed the Minister’s September 3rd, 2026 directive on the transfer of Inland Dry Ports-related functions, as the Federal Government moves to establish a clearer delineation of responsibilities among agencies responsible for port regulation, development and operations.

The new NPERA Act rebranded and expanded the mandate of the former Nigerian Shippers’ Council, creating a new regulatory framework for Nigeria’s port economic activities.

Receiving the NPERA delegation led by its Director-General/Chief Executive Officer, Dr. Pius Akutah, the NPA Managing Director, Dr. Abubakar Dantsoho, congratulated Akutah on the enactment of the legislation and reaffirmed NPA’s readiness to work closely with NPERA during the transition.

Dantsoho stressed the need for closer coordination among agencies under the Ministry of Marine and Blue Economy, noting that the transition provided an opportunity to strengthen Nigeria’s national logistics chain and improve cargo evacuation from seaports to the hinterland.

“This transition represents a critical step forward in optimising our national logistics ecosystem,” Dantsoho said.

According to him, greater institutional alignment would help eliminate operational friction, improve port efficiency and unlock the economic potential of trade and logistics across the country.

Earlier, Akutah highlighted the strategic importance of NPA to the development and sustainability of Inland Dry Ports, describing the facilities as critical infrastructure for extending maritime logistics and cargo distribution beyond the seaports into Nigeria’s hinterland.

“The Nigerian Ports Authority remains a cornerstone in ensuring our Inland Dry Ports function as effective centres for cargo transit and distribution to the hinterlands,” Akutah said.

He explained that the NPERA delegation’s visit was aimed at building a common understanding among the relevant agencies and stakeholders to ensure an orderly, uninterrupted and efficient transition in the management and regulation of Inland Dry Ports.

Inter-agency committee proposed

In a move aimed at preventing institutional rivalry and duplication of responsibilities, Akutah proposed the establishment of a Joint Inter-Agency Committee in the form of a Technical Working Group.

The proposed committee will comprise representatives of the Federal Ministry of Marine and Blue Economy, NPA, NPERA, the Nigerian Maritime Administration and Safety Agency (NIMASA), the National Inland Waterways Authority (NIWA) and the Nigerian Railway Corporation (NRC).

The committee, he said, would provide a platform for identifying and resolving potential operational conflicts, harmonising administrative procedures and eliminating overlapping responsibilities in the operation and development of Inland Dry Ports across the country.

The initiative is also expected to strengthen coordination among the agencies responsible for the various components of Nigeria’s multimodal transport chain, particularly seaports, rail, inland waterways and dry ports.

Both chief executives subsequently reaffirmed their commitment to implementing the Minister’s policy directives and aligning their respective institutional frameworks to promote trade facilitation, sustainable economic growth and greater efficiency across Nigeria’s port and logistics system.

The latest development comes as the Federal Government seeks to reposition the country’s port and logistics architecture, with Inland Dry Ports expected to play a greater role in decongesting seaports, taking cargo closer to markets and strengthening Nigeria’s connectivity with its hinterland.

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