The Minister of Marine and Blue Economy, Adegboyega Oyetola, has emphasized that Nigeria’s ambitious plan to modernise its ports and unlock the full potential of its blue economy cannot succeed without the active participation of the private sector.
According to him, government resources alone are insufficient to sustain maritime security, expand aquaculture, and build climate-resilient infrastructure.
Speaking at the 3rd Quarter Citizens’ and Stakeholders’ Engagement of the Ministry and its agencies, Oyetola stated that innovative financing mechanisms and robust private sector partnerships will determine whether Nigeria’s marine vision delivers measurable outcomes.
He explained that while the Federal Government has laid out an ambitious framework for growth through the National Policy on Marine and Blue Economy, approved in May 2025, financing remains the decisive factor in translating the policy into tangible results.
“Vision without financing remains no more than a dream. 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,” the minister said.
Private Sector Role in Port Modernisation as Key Driver
Oyetola reiterated that the private sector role in port modernisation is central to Nigeria’s quest for sustainable development in the maritime sector.
With over 853 kilometres of coastline, vast inland waterways, and access to the Gulf of Guinea, the minister said Nigeria holds immense but underutilised potential in shipping, aquaculture, marine tourism, and renewable energy.
He stressed that Public-Private Partnerships (PPPs), blue bonds, and blended finance are essential to mobilise the scale of investment required.
Without these, Nigeria risks falling behind in harnessing its marine resources for economic diversification and job creation.
According to him, rehabilitating the Lagos ports and expanding them to handle larger vessels are part of the government’s strategy to reduce turnaround time, attract new trade opportunities, and create thousands of jobs.
Similar modernisation projects are being planned for other ports across the country.
Progress Made Under Blue Economy Initiatives
The minister highlighted that Nigeria has recorded important gains in the sector.
The Central Results Delivery Coordination Unit awarded the ministry a performance score of 96 per cent in the first quarter of 2025, while in 2024, the Presidential Enabling Business Environment Council named it the best-performing ministry.
He also cited Nigeria’s three-year piracy-free record in the Gulf of Guinea, achieved through investments in the Deep Blue Project, as evidence that targeted investments can deliver lasting impact.
Oyetola disclosed that consultations with fisheries associations earlier in the year have led to scaling up aquaculture, developing fish harbours, and deploying satellite monitoring systems to boost sustainability.
These interventions have already contributed to a 20 per cent rise in non-oil exports in the first half of 2025.
Why Finance is the Missing Link
While achievements have been recorded, Oyetola insisted that expanding on them requires unlocking far greater resources.
He described the private sector role in port modernisation as indispensable for drawing in long-term capital, aligning local practices with international standards, and ensuring that all stakeholder efforts complement the 10-year marine and blue economy roadmap.
“With policy clarity, proven results, and demonstrated capacity, what Nigeria now requires is scale, and for that, finance is indispensable.
The Marine and Blue Economy is not solely a government agenda; it is a shared prosperity project,” he said.
Technical Insights on Financing
Speaking at the same event, the Permanent Secretary of the ministry, Olufemi Oloruntola, described public investment as essential seed capital to de-risk private participation.
According to him, the current budgetary allocation to the marine sector is grossly inadequate given the capital-intensive nature of port modernisation, maritime security, fisheries expansion, and renewable energy adoption.
He recommended the creation of a dedicated blue economy fund, stronger PPPs, and the adoption of blue bonds and other green financing instruments to attract global investors.
Oloruntola also identified several opportunities, including the modernisation of seaports and inland waterways, development of cruise terminals, ecotourism infrastructure, support for indigenous shipping lines, and investments in marine biotechnology and renewable energy.
Building a Future-Ready Marine Economy
Analysts note that prioritising the private sector role in port modernisation would allow Nigeria to align ambition with execution, vision with impact, and policy with prosperity.
Without such partnerships, the marine and blue economy risks remaining a well-crafted document rather than a driver of national growth.
Oyetola concluded by stressing that Nigeria has what it takes to emerge as Africa’s leader in the blue economy if collective commitment and innovative financing are embraced.
“With collective commitment and innovative financing, Nigeria is well placed to secure leadership in Africa’s marine and blue economy and generate the prosperity, jobs, and environmental resilience its citizens deserve,” he affirmed.
