Blue Economy
Nigeria’s Blue Economy Requires $10bn Investment to Unlock $5tr Global Market
Nigeria’s Blue Economy Requires $10bn Investment to Unlock $5tr Global Market
Stakeholders call for innovative financing as current budget allocations fall short of sector’s capital-intensive needs
Nigeria’s marine and blue economy sector needs a $10 billion injection over the next 10 years to unlock opportunities in the $5 trillion global marine industry, stakeholders have revealed. The funds would be deployed towards modernising ports and logistics infrastructure, expanding aquaculture and cold-chain facilities for fisheries, restoring mangroves and wetlands, and upgrading wastewater treatment plants and pollution-control systems.
Industry experts disclosed that while projects in the sector are highly capital-intensive, current budget allocations remain grossly inadequate to drive meaningful development.
Policy Framework in Place, Finance Missing
The concerns were raised at the Third Quarter Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy and its agencies, held in Lagos on September 25, 2025. The event, themed “From Policy to Impact: Finance is Key,” brought together government officials and private sector players to discuss financing strategies for the sector.
Minister of Marine and Blue Economy, Adegboyega Oyetola, warned that without sustainable investment, Nigeria risks leaving its vast marine resources underutilised. These resources span shipping, fisheries and aquaculture, marine tourism, coastal infrastructure, renewable energy, and ocean research.While acknowledging that the Federal Executive Council’s approval of the National Policy on Marine and Blue Economy in May 2025 provided a clear development roadmap, Oyetola stressed that mobilising capital remains the critical next step.
“The government alone cannot shoulder the immense financial responsibility of modernising the nation’s seaports, sustaining maritime security, expanding aquaculture, or building climate-resilient infrastructure,” the minister stated.
He called for innovative partnerships, long-term private capital, and international financing mechanisms to translate the 10-year policy into measurable outcomes, adding that with collective commitment and innovative financing, Nigeria could secure leadership in Africa’s marine and blue economy.
$1.5tr Opportunity by 2030
The Permanent Secretary of the Ministry, Olufemi Oloruntola, in a technical presentation titled “Imperatives of Public Investment for Marine and Blue Economy Development,” emphasized the gap between current budgetary allocation and the sector’s capital requirements for port modernisation, maritime security, fisheries, eco-tourism infrastructure, and renewable energy.Oloruntola argued that proper financing could unlock Nigeria’s access to over $1.5 trillion in global blue economy opportunities projected by 2030, while creating millions of jobs and securing sustainable livelihoods for coastal communities.He advocated for establishing a dedicated Blue Economy Fund, strengthening public-private partnerships, and adopting blue bonds, green financing instruments, and development support from multilateral partners.
Capital Market Solutions
Jude Chiemeka, Chief Executive Officer of the Nigerian Exchange Limited, highlighted the capital market’s potential in raising long-term financing for blue economy projects.
In his presentation titled “Marine and Blue Economy Development: Alternative Sustainable Financing Options,” Chiemeka underscored the importance of sustainability-linked loans, blended finance, and impact investments in building sector resilience.
He noted that Nigeria’s 853-kilometre coastline and extensive waterways represent multi-billion-dollar opportunities requiring strategic financing over the next decade.Chiemeka proposed alternative sustainable financing mechanisms including blue bonds, blended finance, and thematic instruments to mobilise billions in new capital for infrastructure development.According to him, these financial instruments offer lower project funding costs compared to bank loans and provide institutional investors opportunities to participate in infrastructure projects through listed and tradable securities with superior risk-adjusted returns. He added that the approach would enable Nigerian pension funds and banks to participate in blue economy financing with reduced risk, citing successful implementation across infrastructure, energy, and financial services sectors in developing countries.