Oyetola Calls for Innovative Financing to Drive Marine and Blue Economy Growth
3 min read
Oyetola Calls for Innovative Financing
Oyetola Calls for Innovative Financing
Minister of Marine and Blue Economy, Adegboyega Oyetola (left) and the Permanent Secretary of the Ministry, Olufemi Oloruntola (right) at the third quarter stakeholders’ and citizens’ engagement of the Federal Ministry of Marine and Blue Economy, in Victoria Island, Lagos, on Thursday.
The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, has emphasized the critical role of financing in translating Nigeria’s marine and blue economy policies into measurable outcomes.
Oyetola made this assertion on Thursday, September 25, 2025, while addressing stakeholders during the 3rd Quarter Citizens’ and Stakeholders’ Engagement held in Lagos.
Speaking to an audience that included industry leaders, investors, policymakers, and civil society groups, the Minister noted that finance remains the key enabler for unlocking the vast potential of Nigeria’s marine and coastal assets.
He referenced the Federal Executive Council’s approval of Nigeria’s first-ever National Policy on Marine and Blue Economy in May 2025 as a milestone but insisted that implementation would depend heavily on attracting sustainable investment.
The Minister said the policy outlines opportunities for economic growth in sectors such as shipping, fisheries, aquaculture, marine tourism, port infrastructure, renewable energy, and ocean research.
Oyetola warned that “vision without financing remains no more than a dream,” stressing that government alone cannot meet the capital requirements for expanding infrastructure, securing maritime spaces, and supporting industry development.
He called for innovative financing strategies, including stronger public–private partnerships, international financing mechanisms, and private sector collaboration to scale up delivery.
Highlighting the Ministry’s performance, Oyetola said the Central Results Delivery Coordination Unit (CRDCU) scored the Ministry 96 per cent in Q1 2025, while in 2024, it was ranked as the best-performing ministry by the Presidential Enabling Business Environment Council.
He also pointed to concrete achievements already made through financing, such as the Deep Blue Project, which has helped maintain Nigeria’s piracy-free record in the Gulf of Guinea for over three years.
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The Minister cited the ongoing rehabilitation of Lagos ports aimed at attracting larger vessels, reducing turnaround times, and creating jobs, with plans to replicate the model across other ports nationwide.
He said ongoing consultations with fisheries associations have resulted in efforts to scale aquaculture, develop fish harbours, and deploy satellite monitoring systems for better resource management.
Oyetola explained that non-oil exports rose by nearly 20 per cent in the first half of 2025, partly due to strategic investments in blue economy sectors contributing to economic diversification.
He stressed that Nigeria’s marine economy should not be treated as a government-only project but as a shared prosperity initiative that relies on both public and private financing to succeed.
The Permanent Secretary, Mr Olufemi Oloruntola, in a technical presentation, described public investment as a catalyst for attracting private capital and aligning long-term development goals.
Oloruntola called for the creation of a dedicated Blue Economy Fund and adoption of alternative financing models such as blue bonds, green finance, and multilateral development support.
Also speaking at the event, Mr Jude Chiemeka, CEO of Nigerian Exchange Limited, highlighted the role of the capital market in mobilising long-term funding through sustainability-linked instruments and impact investments.
The engagement drew wide participation from maritime stakeholders, financial institutions, and civil society organisations, reflecting consensus on the marine and blue economy’s role in Nigeria’s future growth.
