By Abbas Nazil
The Federal Government of Nigeria has rolled out an ambitious 10-year blueprint aimed at transforming the marine and blue economy sector and attracting robust private-sector investment.
The policy framework, approved by the Federal Executive Council, was presented during a stakeholder meeting in Lagos by the Minister of Marine and Blue Economy, Adegboyega Oyetola, who described it as a comprehensive strategy to resolve longstanding challenges and reposition Nigeria as a regional maritime hub.
According to Oyetola, the policy addresses critical areas including port infrastructure upgrades, maritime security, aquaculture development, ocean governance, inland waterways management, and coastal tourism.
These interventions, he said, are designed to eliminate bottlenecks, strengthen investor confidence, and open new economic frontiers within the maritime sector.
As part of the port modernization agenda, Oyetola announced that contracts have been awarded for the rehabilitation of the Apapa and Tin Can Island ports under the Western Port Rehabilitation Programme.
Similar projects are planned for the Eastern corridor, with procurement processes currently underway.
The contract was awarded to ITB Nigeria, a company linked to Gilbert Chagoury, a Lebanese-Nigerian businessman known to have close ties to President Bola Tinubu.
To further enhance port efficiency, the ministry is deploying digital tools such as a Port Community System and a unified one-stop clearance platform to reduce turnaround times and streamline cargo movement.
In a move to revive national shipping capabilities, the government is also pushing for the re-establishment of Nigeria’s national carrier through a public-private partnership model.
The Nigerian Maritime Administration and Safety Agency (NIMASA) is currently preparing to disburse the Cabotage Vessel Financing Fund to assist indigenous shipowners.
Oyetola also revealed Nigeria’s leadership in operationalizing the Regional Maritime Development Bank (RMDB), under the Maritime Organisation for West and Central Africa (MOWCA).
Headquartered in Abuja, the RMDB aims to provide long-term financing for maritime infrastructure in the region.
The bank recently confirmed a $150 million funding deal to expand and upgrade a major shipyard in Nigeria, according to RMDB president and CEO, Adeniran Aderogba. This milestone comes after 16 years of planning.
Demonstrating progress, Oyetola stated the ministry achieved a 75 percent performance rating in 2024, as assessed by the Office of the Special Adviser to the President on Policy and Coordination.
The minister highlighted the nation’s improved maritime security record, reporting zero piracy incidents over the past three years thanks to the Deep Blue Project.
He emphasized that emerging investment opportunities exist across bonded terminals, dry ports, warehousing facilities, and inland logistics corridors.
However, he stressed that successful implementation of the policy depends on collaboration, data-driven governance, and active public engagement.
Oyetola reiterated that building a sustainable blue economy requires innovation, coherent policies, inclusive planning, and human capital development.
In a broader diplomatic push, Nigeria is also renewing its bid for a Category C seat on the International Maritime Organisation (IMO) Council, seeking greater influence in shaping global maritime governance.
Oyetola affirmed the government’s commitment not just to liberalizing the sector, but to creating a long-term framework that ensures investor confidence and sustainable development in Nigeria’s maritime domain.
