NIGERIA TO LAUNCH $1BN BLUE ECONOMY FUND AT LAGOS SUMMIT IN MARCH

Initiative targets maritime start-ups across shipping, fisheries, and renewable energy as Nigeria bets on the ocean to close its GDP gap

By Okeoghene Onoriobe, Waterways News Correspondent, Abuja

Nigeria is set to launch a $1 billion fund dedicated to supporting start-ups in the blue economy and maritime sectors, with the official unveiling planned for the Blue Economy Investment Summit in Lagos from March 9 to 11, 2026.

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The announcement was made on December 15, 2025, in Abuja by Ronke Kosoko, Chief Executive Officer of the Maritime Innovations Hub, during a press conference held alongside the summit’s preparatory activities.

What the Fund Will Do

The fund will provide direct financing to early and growth-stage start-ups operating across key segments of the maritime economy, including shipping, fisheries, coastal tourism, shipbuilding, and marine renewable energy. Beyond capital, it will also deliver training programmes, technical assistance, and access to international networks — addressing what Kosoko described as both the financing and capacity gaps that have long constrained the sector.

“The objective is to provide direct financing to start-ups while strengthening their technical and managerial capacity,” Kosoko said.

The initiative builds on an earlier $100 million financing package secured by Nigeria for maritime training and capacity building. Kosoko confirmed that discussions with financial partners are in their final stages, with fund representatives expected to return to Nigeria shortly to formalise commitments.

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A Sector Punching Below Its Weight

The scale of the opportunity — and the frustration behind this push — is captured in a single striking figure. Despite Nigeria boasting one of the longest coastlines in West Africa at over 850 kilometres, and occupying a commanding position along major international shipping routes, the blue economy contributes less than 3% to Nigeria’s gross domestic product.

Kosoko attributed this underperformance to a combination of structural weaknesses: insufficient port infrastructure, a shortage of reliable economic data, and a regulatory environment that has at times discouraged private investors from committing capital to the sector.

The fund, she argued, is designed precisely to break that cycle. With structured financial support, authorities believe the blue economy could help close a portion of Nigeria’s estimated $750 billion GDP gap — converting what are currently informal or underdeveloped maritime activities into tax-generating, job-creating businesses.

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Diversification Imperative

The launch comes at a moment when Nigeria’s drive to reduce its dependence on oil revenues has taken on fresh urgency. The federal government has identified the blue economy as a priority sector for long-term economic growth, and this fund represents one of the most concrete financing commitments to that vision to date.

By combining capital, capacity building, and international market exposure in a single vehicle, the fund also aims to make Nigeria a more attractive destination for global maritime investors and industrial partners looking for entry points into West Africa’s largest economy.

IMO Return Adds Credibility

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The announcement dovetails with Nigeria’s recent return to the council of the International Maritime Organization after a 14-year absence. In late November 2025, the country was elected to the IMO Council for the 2026 term under Category C, a category reserved for states with specific and significant interests in maritime transport.

Minister of Marine and Blue Economy Adegboyega Oyetola welcomed the election as international recognition of the reforms and security improvements Nigeria has achieved in the Gulf of Guinea. He said the IMO seat is expected to strengthen Nigeria’s international partnerships, improve access to technical assistance, and send a positive signal to investors watching the country’s maritime trajectory.

Together, the IMO election and the upcoming $1 billion fund launch paint a picture of a sector that — after years of unfulfilled potential — may finally be gathering the momentum its geography has long demanded.

The Blue Economy Investment Summit holds in Lagos from March 9 to 11, 2026.

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— Waterways News NG | www.waterwaysnews.ng

Lagos Rides the Wave of Nigeria’s Blue Economy Boom

How Lagos Is Riding the Wave of Water Transportation, Electric Racing, and Africa’s $400 Billion Blue Economy

Special Report by: Okeoghene Onoriobe | Marine and Blue Economy Correspondent | Lagos-Nigeria

Lagos — Africa’s largest megacity — sits on a paradox. Despite having one of the most expansive waterway networks on the continent, less than 1% of its daily transportation uses water. But a major shift is underway. From passenger ferries multiplying five-fold at Ikorodu terminal, to Lagos hosting E1’s first-ever electric boat race in Africa, Nigeria is finally tapping into a resource that could help solve one of its most chronic urban problems: gridlock. And with the UNDP projecting Africa’s blue economy to hit $400 billion by 2030, the stakes — and the opportunities — have never been bigger.

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1.  The Problem: A City Drowning in Traffic — But Ignoring Its Waterways

Lagos is home to over 20 million people. On any given weekday, its road network — groaning under the weight of overcrowded buses, danfo minivans, and an ever-growing fleet of private cars — grinds to a near standstill. Commuters routinely spend four to six hours in traffic for journeys that should take under an hour. Yet few look out of their car window and consider the broader solution that flows quietly alongside them: the Lagos Lagoon and its vast network of creeks, rivers, and coastal waterways.

According to Professor Charles Asenime, an expert in Transport and Mobility at Lagos State University, this underutilisation is both staggering and entirely reversible:

“If you look at the structure of Lagos State, about 16% of the land mass is made up of water. And then we have the water network that is capable of taking you almost anywhere in Lagos. Despite this, the usage was very, very low — less than 1%.” — Prof. Charles Asenime, Lagos State University

Think about what that means: 16% of Lagos is water — a network of natural highways that could carry tens of thousands of commuters daily. For decades, this resource sat largely idle, not because it lacked potential, but because it lacked investment, political will, and public awareness.

Figure 1 — Lagos State Land vs Water Composition. Source: Lagos State University Research

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2.  The Turning Tide: Government Steps In

The shift began when the Lagos State Government formally committed to developing its waterways as a strategic transport corridor. The Lagos State Waterways Authority (LASWA) was tasked with creating an enabling environment — improving terminal infrastructure, licensing operators, and setting safety standards. The effects have been tangible and swift.

At the Ikorodu terminal, one of the busiest hubs in the state, the transformation is most visible. Private operators like GT Waterline Ferry Services have dramatically scaled their operations, attributing much of their growth directly to increased government engagement.

“In 2018, when this particular terminal where we are was still under construction, we were moving about 10, 15 boats per day. Now as of today we move nothing less than 50 boats in a day. On an average of 1,000 passengers daily, around about 7 destinations from our major hub.”  — Atinuke Oyenuga, CEO — GT Waterline Ferry Services

The numbers tell a compelling story of growth — a 4x increase in vessel movements and a burgeoning daily ridership that rivals many land-based transit systems in the country.

Figure 2 — Ikorodu Terminal: Boats per Day (2018 vs. Today). Source: GT Waterline Ferry Services

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Figure 3 — GT Waterline Ferry Services: Key Performance Metrics Today

3. Enter E1: When Electric Racing Meets Blue Economy Ambition

Water transportation in Lagos got a glamorous — and globally connected — boost when the E1 electric boat racing series chose Lagos as the site of its first-ever African race. E1, which describes itself as the “Formula E of the seas,” features sleek, fully electric race boats called RaceBirds that foil above the water at speeds of up to 50 knots. The spectacle of these futuristic vessels skimming across Lagos Harbour sent a powerful message: the waterways of Lagos are not just functional — they are world-class.

For Rodi Basso, CEO and co-founder of E1, the choice of Lagos was deliberate and deeply symbolic:

“E1 goes beyond the sport. The sport needs to play this kind of role which is inspirational. This comes with thought leadership, some concrete action on the coastal area.”  — Rodi Basso, CEO & Co-Founder — E1 Racing

Basso envisions a legacy that goes well beyond the race itself — one where Lagos becomes a global reference point for sustainable water mobility, attracting investment, innovation, and talent to the city’s waterfront.

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“We want to show that a different water mobility is possible for the future. This will bring developments, this will bring jobs, innovation, and will put Lagos potentially on the map as the place to go if you want to learn about the water mobility of the future.”   — Rodi Basso, CEO & Co-Founder — E1 Racing

For local operators and regulators, the E1 race was more than a spectacle — it was a masterclass in possibility. Damilola Emmanuel, General Manager of LASWA, described the impact:

“It was where sustainability met innovation because what we saw happening with that boat race was a dynamic way of looking at water transport. A lot of the local operators could see the future — saying this is where we want to eventually be.”  — Damilola Emmanuel, General Manager — LASWA

4.  The $400 Billion Prize: Africa’s Blue Economy Opportunity

The excitement in Lagos is not occurring in isolation. Across Africa, governments, investors, and international bodies are waking up to the enormous untapped potential of the continent’s oceans, rivers, and lakes — what economists collectively call the “Blue Economy.” The United Nations Development Programme (UNDP) has estimated that Africa’s blue economy could generate over $400 billion annually by 2030, through sectors including fisheries, aquaculture, maritime trade, coastal tourism, offshore energy, and water transport.

Nigeria, with its extensive coastline along the Gulf of Guinea, the Niger Delta’s labyrinthine waterways, and the vast lagoon system of Lagos, is uniquely positioned to claim a significant share of this wealth. But experts are quick to note that seizing this opportunity requires more than infrastructure investment — it demands a commitment to sustainability.

Figure 4 — Africa’s Blue Economy: Projected Revenue Growth to $400 Billion by 2030. Source: UNDP

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5. Sustainability: The Non-Negotiable Condition

Perhaps the most important voice in this story belongs not to a boat operator or a racing executive, but to an academic who has spent years studying how cities interact with water. Professor Asenime’s call for sustainability is both a warning and a roadmap:

“We must have waterways that are clean and clear. Then it will help the economy to come up. The bottom line is that it must be sustainable — so we don’t want to use it now and cause problems in the future. We want it to grow to the extent that those in the future will partake, they will benefit from what we are doing now.” — Prof. Charles Asenime, Lagos State University

This is a crucial insight. Lagos’s waterways currently face significant environmental pressures — plastic waste, oil spills, industrial runoff, and informal settlement encroachment. Without aggressive clean-up and protection measures, the same waterways being celebrated today could become degraded to the point of unusability within a generation.

The integration of electric vessels — as demonstrated by E1 — offers a glimpse of what zero-emission water transport can look like. If Lagos and Nigeria can align their blue economy ambitions with strong environmental governance, the model they build could become a template for cities across the Global South.

Key Takeaways at a Glance

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Additional reports by: Emetena Ikuku, Waterways News Reporter Researcher; Warri

For a follow up on this news report, always log on to Waterways News: www.waterwaysnews.ng

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Delta State Launches Blue Economy Committees to Harness Wealth of Its Waters

By Okeoghene Onoriobe | Blue Economy Correspondent | Asaba-Delta State | Wednesday 25th February 2026

In a bold step toward economic diversification, the Delta State Government inaugurates dual committees to unlock the multi-billion-naira potential of its oceans, rivers, creeks and coastal belts.

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Delta State has taken a decisive step toward reshaping its economic future — one that looks not to the oilfields beneath its land, but to the rivers, creeks, coastlines and waterways that define its geography. On Tuesday, Deputy Governor Sir Monday Onyeme, Ph.D., formally inaugurated the Delta State Blue Economy Steering Committee and Technical Committee in Asaba, setting in motion a structured policy effort to tap into what experts describe as a largely underexploited frontier of economic growth.

Delta State Deputy Governor, Sir Monday Onyeme (front row, centre), flanked by members of the Blue Economy Steering and Technical Committees, shortly after their inauguration at Government House, Asaba, on Tuesday

With hundreds of kilometres of waterways, a rich aquatic biodiversity, coastal communities, and direct access to the Atlantic Ocean through the Bight of Benin, Delta State sits on a goldmine that has, for decades, remained in the shadows of crude oil. The new committees are tasked with changing that narrative.

What Is the Blue Economy? Understanding the Concept

Before examining Delta’s strategic move, it is important to understand what the Blue Economy actually means — and why it matters.

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The Blue Economy refers to the sustainable use of ocean and water resources for economic growth, improved livelihoods and jobs, while preserving the health of aquatic ecosystems. The term — popularised globally by the World Bank and the United Nations — covers a wide range of sectors:

• Fisheries and Aquaculture: Commercial fishing, fish farming, and seafood processing industries that feed populations and generate export revenue.
• Marine and Inland Water Transport: Freight and passenger movement across rivers, lakes, coastal waters and seas — cheaper and often more efficient than road transport.
• Coastal and Nautical Tourism: Eco-tourism, boat cruises, beach resorts, heritage water festivals and recreational water sports.
• Offshore Energy: Renewable energy such as wave, tidal and offshore wind power, as well as existing offshore oil and gas operations.
• Marine Mineral Resources: Extraction of sand, gravel, salt and other minerals from seabeds and riverbeds.
• Shipbuilding and Marine Engineering: Construction and maintenance of boats, vessels, barges and offshore platforms.
• Coastal Real Estate and Infrastructure: Development of ports, jetties, waterfront markets and riverine residential communities

Globally, the Blue Economy is valued at over $1.5 trillion annually and is expected to double by 2030, according to the World Bank. For a riverine state like Delta — home to approximately 60% waterways and coastal territory — the sector represents a transformational opportunity.

“The Blue Economy encompasses all economic activities linked to oceans, seas, coastal areas and inland waterways — including the production, distribution and consumption of goods and services connected to marine and mineral resources.”  — Dr. Barry Pere-Gbe, Chief Economic Adviser to the Governor

The Two Committees: Their Roles and Composition

To translate policy ambition into concrete action, the state government has established two distinct but complementary bodies — each with a defined function in the Blue Economy governance architecture.

1. The Blue Economy Steering Committee

This is the high-level policy organ. Chaired by Deputy Governor Sir Monday Onyeme, the Steering Committee is responsible for setting strategic direction, approving frameworks and ensuring that all participating ministries, departments and agencies (MDAs) align their work with the state’s Blue Economy vision.

Members are drawn from the following key sectors of government:

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• Ministry of Environment — oversees ecosystem protection, pollution control and environmental sustainability.
• Ministry of Transport — responsible for waterway transport policy, jetty infrastructure and maritime regulation.
• Ministry of Agriculture — focuses on fisheries development, aquaculture expansion and food security.
• Ministry of Riverine Infrastructure — handles construction of waterfront facilities, bridges and creek development.
• Ministry of Housing — integrates waterfront urban planning and development.
• Ministry of Energy — explores offshore and tidal renewable energy opportunities.
• Ministry of Trade and Investment — drives private sector engagement, investment promotion and trade partnerships.
• Ministry of Culture and Tourism — develops coastal tourism, water festivals and recreational economy.
• Delta State Internal Revenue Service (DTIRS) — manages taxation, revenue collection and fiscal planning.
• Delta State Investment Development Agency (DIDA) — coordinates inward investment and foreign direct investment (FDI) promotion.

2. The Blue Economy Technical Committee

Operating beneath the Steering Committee, this is the operational engine of the framework. Composed of senior directors drawn from the same MDAs, the Technical Committee provides expert analysis, coordinates implementation across ministries, monitors performance and ensures that policy decisions are practically executable.

The relationship between the two committees mirrors best practice in public administration: policy is set at the top, and technical expertise drives delivery from below — both working in tandem.

FACT BOX: Delta State at a Glance

Economic Potential: What the Blue Economy Offers Delta

Experts and government officials alike have pointed to several areas where the Blue Economy can generate measurable economic returns for Delta State:

Fisheries and Aquaculture: Delta’s waters support diverse species of fish, shrimp, crab and periwinkle. With improved infrastructure, cold chain logistics and aquaculture investment, the state could significantly boost fish production, reduce Nigeria’s fish import bill — currently estimated at over $700 million annually — and create thousands of direct and indirect jobs.

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Inland Waterways Transport: Road infrastructure in riverine communities is often poor or nonexistent. Developing reliable water transport routes — with passenger ferries, cargo barges and standardised jetties — can reduce logistics costs, open up remote markets and stimulate commerce in historically underserved areas.

Blue Tourism: Delta’s waterways, mangroves, river deltas and oil-palm lined creeks present unique eco-tourism opportunities. Boat safaris, fishing tourism, cultural water festivals and river heritage trails could attract both domestic and international visitors.

Coastal Energy: Offshore wind and tidal energy remain largely untapped across Nigeria’s coastline. As global energy transition accelerates, Delta’s Atlantic-facing coast positions it as a potential site for future renewable energy infrastructure.

“The committees must work collaboratively to ensure the state maximises opportunities in marine resources, inland waterways, fisheries, transport, tourism and energy.”  — Deputy Governor Sir Monday Onyeme, Ph.D.

Governance Structure: Coordinated Under the Deputy Governor

A notable feature of Delta’s Blue Economy architecture is its placement under the Office of the Deputy Governor rather than a single sector ministry. This is significant for several reasons.

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First, it gives the initiative cross-ministerial authority — the Deputy Governor can direct coordination across Agriculture, Transport, Tourism, Energy and Revenue without being constrained by any one ministry’s mandate. Second, it ensures that the Blue Economy remains a whole-of-government priority rather than a siloed project. Third, it elevates the framework’s political profile, signalling that implementation will be supervised at the highest executive level.

Commissioners and directors of the participating MDAs also presented ministerial briefs at the inauguration — outlining their sectors’ specific contributions to the Blue Economy agenda. This signals an early commitment to institutional buy-in, which is often the first casualty in cross-government policy efforts

What Success Would Look Like

For Delta State’s Blue Economy framework to deliver real impact, analysts and policymakers typically point to the following benchmarks:

• A comprehensive Blue Economy Master Plan with sector-specific targets, timelines and investment requirements.
• Increased foreign and domestic investment in fisheries, water transport, and coastal tourism.
• Improved waterway infrastructure — functional jetties, navigation aids, flood management systems.
• Job creation in riverine communities that have historically been economically marginalised.
• Diversification of state revenue away from federal oil allocations toward locally generated Blue Economy income.
• Institutional capacity building — training of officers in marine law, aquaculture management, and environmental governance.

Conclusion: A Turning Tide

For a state that has long watched its wealth flow outward through oil pipelines and its communities remain underdeveloped despite sitting atop immense natural riches, the inauguration of Delta’s Blue Economy committees may mark a turning tide — quite literally.

The challenge now is execution. Committees and frameworks are only as powerful as the political will and technical capacity behind them. But the structural decisions made on Tuesday — broad ministerial representation, placement under the Deputy Governor, alignment with federal policy — suggest that Delta State is approaching this not as a tokenistic gesture, but as a serious platform for economic transformation.

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If realised, Delta’s Blue Economy could become a model for other riverine states in Nigeria — proving that sustainable water-based prosperity is not just possible, but achievable.