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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.

Headlines

NRC grants Lagos Government permanent approval to operate Red Line rail services

Funso OLOJO, Editor

The Nigerian Railway Corporation (NRC) has granted final approval to the Lagos State Government to operate two of its rail tracks under the Track Sharing Agreement, paving the way for the full operation of the Lagos Rail Mass Transit (LRMT) Red Line project.

The LRMT Red Line commenced passenger operations on October 15, 2024, with morning and evening peak-hour services following its inauguration by President Bola Ahmed Tinubu.

The permanent approval follows the temporary operating approval granted by the NRC in 2025 under the Track Sharing Agreement with the Lagos State Government.

Presenting the Permanent Operating Licence to the Lagos Metropolitan Area Transport Authority (LAMATA) on Tuesday, June 30th, 2026, the Managing Director of the Nigerian Railway Corporation, Dr. Kayode Opeifa, said the approval confers on the Lagos State Government all the rights and obligations contained in the Track Sharing Agreement.

According to him, the licence also empowers the state to operate rail services in line with international best practices.

Opeifa described the milestone as a testament to the mutual trust, cooperation and shared vision that have continued to define the partnership between the NRC and the Lagos State Government.

“Beyond providing access to the tracks, our collaboration has also included the training and capacity development of the Red Line’s operational personnel, demonstrating the immense value of strong institutional partnerships,” he said.

He commended the Lagos State Government for its confidence in the NRC and its sustained commitment to the partnership.

“I also commend the Government for its remarkable investment in public transportation, particularly in the rail subsector, including the acquisition of adequate rolling stock to meet the growing mobility needs of Lagosians,” he added.

The NRC Managing Director noted that the development of modern rail infrastructure requires foresight, substantial capital investment and sustained political will, qualities he said the Lagos State Government has consistently demonstrated.

Opeifa also urged other state governments across the federation to invest in rail infrastructure and services to complement the Federal Government’s efforts to strengthen Nigeria’s railway network.

According to him, expanding rail transportation nationwide would ease congestion on highways, reduce logistics costs, improve passenger mobility, stimulate industrial and commercial activities, and accelerate national economic growth.

He stressed that rail transportation remains the backbone of efficient mass transit systems in major cities around the world.

“Continued investment in rail infrastructure is essential to providing safe, reliable, environmentally sustainable and high-capacity mobility for our growing population, while significantly reducing pressure on our road network,” he said.

Opeifa reaffirmed the NRC’s commitment to fostering productive partnerships that will transform Nigeria’s transport landscape.

“Together, we will continue to build an integrated, efficient, safe and sustainable railway system that serves the aspirations of all Nigerians,” he concluded.

Headlines

NPA unveils multi-agency task force to tackle resurgent port access gridlock

Funso OLOJO, Editor

The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in port efficiency.

The intervention followed a stakeholders’ meeting convened by the Managing Director of the NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.

At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.

Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.

According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).

“The responsibility of the task force is to monitor truck movement on the port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.

He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.

To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.

On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.

He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.

He expressed confidence that the renewal would be concluded soon.

Reaffirming the Authority’s commitment to maintaining free-flowing port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s port competitiveness and preserve its growing international reputation.

“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said.

“If you look at the international recognition we are receiving, including the World Bank report, we are determined to sustain and even surpass the improvements already recorded in our port system.
“You can be assured that we remain fully committed to achieving the best possible performance from our ports.”

Headlines

Customs Steps Up Nationwide Green Tax Awareness Ahead of July 1 Rollout

Funso OLOJO, Editor

The Nigeria Customs Service (NCS) has intensified its nationwide sensitisation campaign ahead of the July 1, 2026 implementation of the Green Tax Surcharge and related fiscal adjustments, aimed at promoting environmental sustainability and encouraging the importation of cleaner vehicles.

The awareness campaign, held on Friday July 26th, 2026 at the Apapa Area Command, brought together Customs officers, licensed customs agents, freight forwarders, importers and other key stakeholders under the theme: “Implementation of the Green Tax Surcharge and Related Fiscal Adjustments.”

Representing the Comptroller-General of Customs, Adewale Adeniyi, the Zonal Coordinator, Zone A, Mohammed Babadende, said the exercise was designed to ensure stakeholders fully understand the policy before its implementation.

“This sensitisation is designed to ensure that every stakeholder clearly understands the policy before implementation. Our objective is to eliminate uncertainty, promote voluntary compliance and guarantee uniform application of the Green Tax Surcharge across all commands,” Babadende stated.

Delivering a technical presentation, the Comptroller in charge of Tariff, System Audit and Coordination, Murtala Muazu, explained that the Green Tax Surcharge is different from conventional fiscal measures and would therefore require a separate assessment process.

He disclosed that the Service has simplified implementation through the HS Code declaration platform to facilitate seamless compliance by importers and clearing agents.

Muazu also revealed that the Federal Government has reduced import levies on vehicles from 20 per cent to 10 per cent, while import duty on used vehicles has been slashed from 15 per cent to five per cent to cushion the impact of the new environmental surcharge.

Area Controllers who participated in the sensitisation urged importers, licensed customs agents and the trading public to embrace the initiative, stressing that the reduction in import levies would lower the cost of doing business, promote legitimate trade and ultimately reduce transportation costs.

Stakeholders welcomed the policy but called for sustained public enlightenment to deepen understanding and ensure seamless compliance ahead of the July 1 commencement date.