Minister of Marine and Blue Economy, Adegboyega Oyetola, on Thursday unveiled a far-reaching reform agenda aimed at unlocking Nigeria’s estimated $3 trillion blue economy potential.
Oyetola declared that recent policy, security, and infrastructure interventions had already begun to reposition the country as a leading maritime hub in Africa.
Speaking at the Blue Economy Investment Summit held at Bola Ahmed Tinubu International Conference Centre, Abuja, Oyetola disclosed that the federal government had eliminated the long-standing Apapa gridlock, eradicated piracy in Nigerian waters for over four years, and secured $746 million in financing to modernise key ports.
He said the reforms marked a decisive shift from inefficiency and underutilisation to productivity and global competitiveness in Nigeria’s maritime sector.
The minister said, “Nigeria has moved from fragmentation to coordination and from insecurity to a stable maritime domain that now inspires investor confidence.
“For the first time in decades, we are seeing order restored in our port corridors and sustained safety across our waters.”
He stated that Nigeria’s maritime sector currently handled over 90 per cent of the country’s international trade by volume, underscoring its strategic importance as a gateway for commerce in West Africa.
Oyetola revealed that government agencies under the ministry increased revenue generation from N700.79 billion in 2023 to about N1.83 trillion in 2025, attributing the surge to improved regulatory oversight, transparency, and automation of key processes.
Oyetola also disclosed that fish production rose from 1.1 million tonnes to 1.4 million tonnes within the same period, boosting food security and livelihoods, while creating new opportunities across fisheries, aquaculture, and marine value chains.
He announced that President Bola Tinubu had approved the disbursement of the Cabotage Vessel Financing Fund (CVFF) to indigenous ship-owners, a move expected to generate at least 30,000 jobs and reduce capital flight in coastal shipping.
The minister added that Nigeria had regained a seat on the Council of the International Maritime Organisation after 14 years, signalling renewed global confidence in the country’s maritime governance.
Highlighting infrastructure expansion, Oyetola said the government had begun the process of modernising Apapa and Tin Can Island ports, while also advancing plans for new deep-sea ports and inland dry ports in Funtua, Moniya, and Jos to improve cargo movement and reduce logistics costs.
He stressed that the blue economy policy framework recently launched by the government would serve as a comprehensive blueprint to drive investments across maritime transport, offshore energy, tourism, marine biotechnology, and shipbuilding.
“This summit must go beyond dialogue to deliver tangible investments and partnerships. Nigeria today offers scale, stability, and opportunity for global investors,” Oyetola said.
In his keynote address, Chief Executive Officer of APM Terminals Nigeria, Frederik Klinke, warned that rising geopolitical tensions and disruptions in global shipping routes were increasing freight costs and creating uncertainties in international trade.
Klinke stated that Nigeria’s maritime sector had shown resilience amid global shocks, citing the introduction of the National Single Window platform expected to reduce cargo clearance time to 48 hours.
He disclosed that APM Terminals had invested over $600 million in Nigeria, including renewable energy projects and port automation initiatives, adding that export volumes through its terminals has grown significantly due to improved efficiency.
Klinke called for sustained regulatory consistency, deeper port infrastructure, and full digital integration of the maritime ecosystem to position Nigeria competitively in global trade.
Executive Secretary of Nigerian Shippers’ Council, Pius Akutah, identified poor maritime connectivity as a major threat to the successful implementation of African Continental Free Trade Area (AfCFTA).
Akutah lamented that cargo destined for African countries often transited through Europe or Asia due to weak intra-African logistics networks.
He stated, “If Nigeria must lead in AfCFTA, we must invest heavily in connectivity infrastructure—ports, rail, inland waterways, and multimodal transport systems—to enable seamless cargo movement across the region.”
He disclosed that inland dry ports in Kaduna, Kano, and Funtua were already operational, while additional projects were underway to decongest seaports and stimulate economic activities in the hinterland.
Representing Delta State Governor Sheriff Oborevwori, Deputy Governor Monday Onyeme said the state was positioning itself as a major investment destination in the blue economy, citing its 163-kilometre coastline and extensive river networks.
He revealed that the state had established a Blue Economy Steering Committee and Technical Working Group to drive policy implementation.
He said Delta was seeking investors in marine tourism, port development, renewable energy, and aquaculture.
Onyeme stated that 14 of the state’s 25 local government areas were directly linked to maritime resources, offering vast opportunities for economic expansion.
Earlier, Chief Executive Officer of Maritime Innovation Hub, Princess Ronke Kosoko, said the summit was designed to bridge the gap between investors and opportunities in the sector, while promoting innovation and youth participation.
Kosoko emphasised the need for stakeholders to adopt new strategies and collaborative financing models to unlock investments, stating that technology-driven engagement has already expanded participation beyond physical attendance.
The summit, themed, “Shifting Gears: Heading to a New Frontier in the Maritime Economy,” brought together policymakers, investors, and industry leaders to chart a new course for Nigeria’s marine and blue economy sector.
Sunday Aborisad
