Blue economy to overtake oil as Nigeria’s top revenue source- Oyetola

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has declared that Nigeria’s marine and blue economy is being strategically repositioned to replace crude oil as the nation’s dominant revenue earner.

Oyetola made this known on Friday during the official visit of the Secretary-General of the International Maritime Organisation (IMO), Arsenio Domínguez, to the Institute of Maritime Studies, University of Lagos.

Highlighting the vast potential of the sector, the minister described it as a “goldmine” capable of driving sustainable economic growth, creating millions of jobs, and establishing Nigeria as a global maritime hub.

“Nigeria’s future lies beyond oil. The marine and blue economy is a goldmine that can drive sustainable economic growth, create millions of jobs, and position our nation as a global maritime hub. We are determined to harness its full potential to become the primary driver of our economy,” Oyetola said.

In a statement issued by his Special Adviser on Media and Communications, Bolaji Akinola, the minister reaffirmed the government’s commitment to unlocking opportunities in the sector through investments in infrastructure, manpower development, and international collaborations.

Oyetola further stressed the need to build a new generation of skilled professionals to drive innovation and competitiveness in the industry.

“There are abundant opportunities for our young people in shipping, logistics, fisheries, shipbuilding, marine research, and offshore energy. I encourage you to be bold, innovative, and diligent. The future of this sector, and indeed the future of Nigeria’s economy, rests on your shoulders,” he added.