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.

Headlines

NRC suspends Warri- Itakpe train service over operational concerns

Funso OLOJO, Editor

The Nigerian Railway Corporation (NRC) has announced the temporary suspension of Warri–Itakpe Train Service (WITS) due to what the management described as operational exigency and technical advice from the Corporation’s Engineers.

The temporary suspension, according to a public statement by the NRC, has become necessary to enable the Corporation carry out critical operational assessments aimed at ensuring continued safety, reliability, and improved service delivery on the corridor.

“The NRC regrets the inconvenience this development may cause passengers and other stakeholders, and assures the public that efforts are currently ongoing to resolve the issues within the shortest possible time.

“Passengers and intending travelers will be duly informed before the end of the week on the date for the resumption of normal train operations.

“The Corporation remains committed to safe, efficient, and customer-friendly rail services across the country and appreciates the understanding, patience, and continued support of the public during this period” the NRC declared.

Headlines

Sallah: FG slashes train fares by 50 percent on all routes

Gloria Odion, reporter

The Federal government through the Federal Ministry of Transportation has announced a 50 percent fare reduction on all train services operated by the Nigerian Railway Corporation (NRC) as part of measures to ease transportation costs for Nigerians during the Eid-el-Kabir celebration.

The discount takes effect from Tuesday, May 26, 2026 and will run through Monday, June 1, 2026.

Accordingly, ticket fares on all NRC passenger train services across the country have been reduced by 50 percent of the existing approved rates within the stated period.

Passengers who had earlier purchased tickets at the full fare before the announcement will be entitled to a 50 percent rebate, reusable for train rides on or before Monday, June 1st, 2026.

Train schedules and timetables remain as previously advertised.

The Federal Ministry of Transportation said it appreciated the continued support of Nigerians and wishes all passengers and the Muslim faithful a peaceful and joyous Eid-el-Kabir celebration.

Headlines

Salah: NIWA MD threatens to wield big stick on violators of safety guidelines on waterways

— calls for calm over Supreme Court judgement

Funso OLOJO,Editor

The Acting Managing Director and Chief Executive Officer of the National Inland Waterways Authority (NIWA), Umar Yusuf Girei, has issued a stern warning to boat operators across the country to strictly adhere to waterways safety regulations during the forthcoming Eid-el-Kabir celebrations.

Girei gave the warning during an exclusive interview with journalists at the NIWA headquarters in Lokoja, noting that festive periods often witness increased movement on the inland waterways, particularly within riverine communities.

According to him, compliance with safety measures during the Sallah season remains non-negotiable.

He stressed that overloading of boats would not be tolerated, while the use of life jackets by all passengers and operators remains compulsory.

Girei also warned against night travel, alcohol consumption by operators, and disregard for weather advisories.

“No overload, wearing of life jackets is mandatory, no night travel, no alcohol, and operators must ensure proper weather checks before embarking on any journey,” he stated.

The NIWA Acting MD further disclosed that enforcement teams, in collaboration with relevant security agencies, would be deployed across jetties nationwide to ensure strict compliance with safety regulations.

He warned that violators risk arrest, seizure of vessels, and prosecution.

Girei also urged passengers to avoid boarding overloaded boats, vessels without adequate life jackets, or boats attempting to operate at night.

While extending Eid-el-Kabir greetings to Muslim faithfuls, he appealed to community and religious leaders to help amplify waterways safety awareness during sermons and public gatherings.

Meanwhile, the NIWA boss advised stakeholders and clients of the Authority not to panic over the recent Supreme Court judgment concerning aspects of the NIWA Act.

He explained that the apex court upheld the Authority’s statutory responsibilities relating to inland waterways navigation, safety regulation, channel management, river infrastructure development, and the promotion of inland waterways transportation as contained in Sections 10 and 11 of the NIWA Act.

According to him, Sections 12 and 13 of the Act, which deal with land matters unrelated to maritime activities, were voided by the Supreme Court only to the extent of their inconsistency with the Constitution.

Girei therefore urged all stakeholders to remain calm, law-abiding, and await an official statement from NIWA after the Authority obtains the Certified True Copy of the judgment from the Supreme Court.