The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced a comprehensive reform strategy on Thursday, designed to harness Nigeria's blue economy, estimated to be worth $3 trillion.
Minister Oyetola stated that recent initiatives in policy, security, and infrastructure have started positioning Nigeria as a leading maritime centre within Africa.
During the Blue Economy Investment Summit in Abuja, Oyetola highlighted the federal government's success in clearing the persistent Apapa port gridlock, maintaining piracy-free waters for more than four years, and securing $746 million in funding for critical port upgrades.
He emphasised that these reforms signify a move away from previous inefficiencies towards greater productivity and global competitiveness in the nation's maritime sector.
"Nigeria has transitioned from a fragmented approach to coordinated action and from an environment of insecurity to a stable maritime domain that now encourages investor confidence," Oyetola explained.
He added, "For the first time in many years, we are witnessing the restoration of order in our port access routes and sustained safety across our waterways."
Oyetola pointed out that the Nigerian maritime sector handles over 90 per cent of the country's international trade by volume, underscoring its vital role as a commercial gateway for West Africa.
The minister revealed that revenue generated by agencies under his ministry escalated from N700.79 billion in 2023 to approximately N1.83 trillion by 2025. He attributed this substantial increase to enhanced regulatory oversight, increased transparency, and the automation of key operational processes.
Furthermore, Oyetola reported an increase in fish production from 1.1 million tonnes to 1.4 million tonnes during the same period. This growth is credited with improving food security and creating livelihoods, while simultaneously opening up new opportunities within the fisheries, aquaculture, and broader marine value chains.
He also announced that President Bola Tinubu has approved the disbursement of the Cabotage Vessel Financing Fund (CVFF) to indigenous ship-owners. This development is anticipated to create at least 30,000 jobs and curb capital flight in the coastal shipping industry.
In a significant diplomatic achievement, Oyetola noted that Nigeria has secured a seat on the Council of the International Maritime Organisation after a 14-year absence, reflecting a renewed global trust in the country's maritime governance.
Regarding infrastructure, Oyetola detailed that the government has initiated the modernisation of the Apapa and Tin Can Island ports. Plans are also advancing for new deep-sea ports and inland dry ports in Funtua, Moniya, and Jos to facilitate smoother cargo movement and reduce logistics expenses.
He stressed that the recently launched blue economy policy framework will act as a detailed roadmap to attract investments across various sectors including maritime transport, offshore energy, tourism, marine biotechnology, and shipbuilding.
"This summit should translate into concrete investments and partnerships, moving beyond mere discussions. Nigeria currently offers significant scale, stability, and opportunities for global investors," Oyetola asserted.
During his keynote address, Frederik Klinke, CEO of APM Terminals Nigeria, cautioned that escalating geopolitical tensions and disruptions to global shipping routes are leading to higher freight costs and increased uncertainty in international trade.
Klinke acknowledged the resilience of Nigeria's maritime sector amidst global challenges, citing the forthcoming National Single Window platform, which is expected to reduce cargo clearance times to 48 hours.
He revealed that APM Terminals has invested over $600 million in Nigeria, encompassing renewable energy projects and port automation enhancements. Klinke added that export volumes through their terminals have seen considerable growth due to improved operational efficiency.
Klinke urged for consistent regulatory policies, further investment in port infrastructure, and the complete digital integration of the maritime sector to ensure Nigeria's competitive position in global trade.
Pius Akutah, Executive Secretary of the Nigerian Shippers’ Council, identified inadequate maritime connectivity as a substantial obstacle to the successful implementation of the African Continental Free Trade Area (AfCFTA).
Akutah expressed concern that cargo intended for African destinations frequently reroutes through Europe or Asia because of insufficient intra- African logistics networks.
"For Nigeria to effectively lead within the AfCFTA framework, substantial investment in connectivity infrastructure—including ports, railways, inland waterways, and multimodal transport systems—is essential to ensure seamless cargo movement across the continent," he stated.
He confirmed that inland dry ports in Kaduna, Kano, and Funtua are now operational, with additional projects planned to ease congestion at seaports and stimulate economic activity in the hinterland regions.
Representing the Governor of Delta State, Sheriff Oborevwori, the Deputy Governor, Monday Onyeme, indicated that the state is actively positioning itself as a prime investment hub for the blue economy, leveraging its extensive 163-kilometre coastline and vast river networks.
He shared that Delta State has established a Blue Economy Steering Committee and a Technical Working Group to oversee the implementation of relevant policies.
Onyeme mentioned that the state is actively seeking investors for marine tourism, port development, renewable energy projects, and aquaculture initiatives.
He further noted that 14 of Delta's 25 local government areas have direct access to maritime resources, presenting considerable prospects for economic expansion.
Earlier, Princess Ronke Kosoko, CEO of the Maritime Innovation Hub, stated that the summit was organised to bridge the gap between potential investors and the opportunities available in the sector, while simultaneously fostering innovation and encouraging youth involvement.
Kosoko stressed the importance of stakeholders adopting innovative strategies and collaborative financing models to unlock necessary investments, adding that technology-driven engagement has already broadened participation beyond physical attendance.
The summit, themed "Shifting Gears: Heading to a New Frontier in the Maritime Economy," convened policymakers, investors, and industry leaders to collectively define a new direction for Nigeria's marine and blue economy sector.
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