The Federal Government is courting private sector investment in Nigeria’s marine and blue economy, expressing confidence that its newly launched 10-year policy blueprint will deliver the intended outcomes.....KINDLY READ THE FULL STORY HERE▶

The Federal Government is stepping up efforts to attract private sector investment into Nigeria’s marine and blue economy, banking on a comprehensive 10-year strategic blueprint to transform the sector.

Speaking at a stakeholder engagement in Lagos, Minister of Marine and Blue Economy, Adegboyega Oyetola, said the policy—previously approved by the Federal Executive Council—addresses critical bottlenecks such as port modernisation, maritime security, aquaculture, inland waterways, ocean governance, and coastal tourism.

“These interventions are designed to reduce delays, boost investor confidence, and reposition Nigeria as a regional maritime hub,” Oyetola stated.

He announced that contracts have been awarded for the reconstruction of the Apapa and Tin Can Island ports under the Western Port Rehabilitation Programme, while procurement is underway for similar works in the Eastern corridor. The project was awarded to ITB Nigeria, a construction firm owned by Lebanese-Nigerian businessman Gilbert Chagoury, known for his close ties to President Bola Tinubu.

In addition to infrastructure upgrades, the government is deploying digital solutions, including the Port Community System and a unified one-stop port clearance platform, to ease cargo movement and cut turnaround time.

Oyetola also revealed plans to revive Nigeria’s national shipping carrier through a public-private partnership model. Preparatory work is ongoing for the disbursement of the Cabotage Vessel Financing Fund by the Nigerian Maritime Administration and Safety Agency (NIMASA) to support indigenous shipowners.

Nigeria is also spearheading the operationalisation of the Regional Maritime Development Bank (RMDB) under the Maritime Organisation for West and Central Africa (MOWCA). Headquartered in Abuja, the bank will provide long-term financing for maritime infrastructure projects across the region.

A major deal worth $150 million is already in the pipeline to upgrade and expand a major Nigerian shipyard, according to Adeniran Aderogba, President and CEO of the RMDB. The bank officially commenced operations in May, sixteen years after it was first conceptualised.

Oyetola highlighted recent achievements, noting that the ministry scored a 75 percent performance rating in 2024, based on an independent assessment by the Office of the Special Adviser to the President on Policy and Coordination. He also cited a three-year record of zero piracy incidents, achieved through the Deep Blue Project.

“Investment opportunities are rapidly expanding across bonded terminals, dry ports, inland logistics corridors, and warehousing infrastructure,” he added.

However, he stressed that successful implementation of the blueprint must be collaborative, data-driven, and rooted in citizen engagement.

These reforms come as Nigeria renews its bid for a Category C seat on the International Maritime Organisation (IMO) Council—a move aimed at amplifying the country’s voice in global maritime policy-making.

“We are not just opening up the sector,” Oyetola said. “We are establishing a long-term framework for sustained investor engagement. Transitioning to a sustainable blue economy demands innovation, investment, policy coherence, and human capital development.”