Finance is crucial to advancing Nigeria’s marine economy — Oyetola
Video: Finance is crucial to advancing Nigeria’s marine economy — Oyetola
Abdullateef Fowewe
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has emphasised the critical role of unlocking financial resources to drive the progress of Nigeria’s marine and blue economy sectors.
Video: Finance is crucial to advancing Nigeria’s marine economy — Oyetola
Oyetola made this claim while speaking at one-day Citizens and Stakeholders’ Engagement for the Federal Ministry of Marine and Blue Economy and its agencies held on Thursday, at Eko Hotel & Suites, Lagos.
The event, themed “From Policy to Impact: Finance is Key,” focused on transitioning Nigeria’s marine and blue economy national policy into concrete results through strategic financing.
Oyetola, emphasised the urgency and importance of sustainable finance in translating policy into progress.
He stated, “Unlocking sustainable finance and forging partnerships will translate policy into tangible results for Nigeria’s marine and blue economy.”
He highlighted four areas essential to financing: maritime security, port infrastructure, coastal and aquaculture development, and marine tourism and trade.
Oyetola underscored government achievements, including maintaining a three-year zero piracy incident record in the Gulf of Guinea and being rated the best-performing ministry in ease of doing business by the Presidential Enabling Business Environment Council in 2024.
He noted, “Our policies are clear, our results are proven, and our capacity is demonstrated. What remains is to scale up and unlock finance, the key to the opportunity for collaboration to mobilise resources, to deepen reforms, accelerate delivery, and secure Nigeria’s leadership in Africa’s marine and blue economy.”
Hajiya Ralthum Ibrahim, Director of Planning, Research, and Statistics, in her remarks underlined the critical role of stakeholder engagement and financial innovation in implementation.
She said, “This engagement is a call to action for every stakeholder—government, private sector, civil society, academia, and communities—to contribute to unlocking the potential of our marine and blue economy.
“The ocean is our shared heritage, and its sustainable development is a collective responsibility.”
Permanent Secretary, Ministry of Transportation, Marine and Blue Economy, Oloruntola Olufemi, stressed the importance of public investment to de-risk private sector participation and strengthen infrastructure and regulatory frameworks.
He stated, “Public investment is not charity. It is seed capital and policy signals that convert vision into reality.”
Olufemi elaborated on priority financing needs in port modernization, fisheries and aquaculture, marine tourism, renewable energy, biotechnology research, and environmental sustainability, urging stronger public-private partnerships and innovative financing.
Emmanuel Iheanacho, Chairman of Integrated Oil and Gas Ltd and former Minister of Interior, applauded the ministry’s efforts, saying, “Our dedication towards unlocking the blue economy’s potentials will undoubtedly yield significant benefits for our citizens and future generations. Let us work together to unlock the vast opportunities that our oceans offer.”
