Oyetola Advocates for Innovative Financing to Drive Nigeria’s Marine and Blue Economy
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.
In a statement issued by Dr. Bolaji Akinola, Special Adviser on Media and Communications to the Minister, Oyetola made this call in Lagos on Thursday during the Ministry’s 3rd Quarter Citizens’ and Stakeholders’ Engagement.
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 highlighted the Ministry’s impressive track record of discipline and results, citing its exceptional performance scores: 96% in the first quarter of 2025 from the Central Results Delivery Coordination Unit (CRDCU), and being named the best-performing ministry in 2024 by the Presidential Enabling Business Environment Council. He emphasized that these achievements showcase the government’s delivery capacity, but scaling up impact requires accessing significantly more 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 noted that 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.
The Minister 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.
Mr. 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.”
In a technical presentation titled “Imperatives of Public Investment for Marine and Blue Economy Development,” the Ministry’s Permanent Secretary, Mr Olufemi Oloruntola, described public investment as essential seed capital that de-risks private participation, strengthens regulatory institutions and aligns national priorities with long-term growth objectives.
He stressed 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.
In his analysis, Oloruntola 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.
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.
