Nigeria’s Blue Economy worth $3trn — Oyetola

Gboyega Oyetola, minister of marine and blue economy, says Nigeria’s blue economy has an estimated value of $3 trillion, as reforms continue to reshape the country’s maritime sector.

Oyetola made the disclosure on Thursday at the Blue Economy Investment Summit held in Abuja, noting that recent government interventions have improved coordination, security, and investor confidence.

According to the minister, Nigeria’s maritime domain has transitioned “from fragmentation to coordination,” with enhanced safety across territorial waters and improved order in port corridors.

He added that the sector accounts for more than 90 percent of Nigeria’s international trade by volume, underscoring its strategic importance to the economy.

Oyetola said revenue generated by agencies under the ministry rose significantly from N700.79 billion in 2023 to about N1.83 trillion in 2025, attributing the increase to improved efficiency, transparency, and regulatory reforms.

He also stated that piracy has been eliminated from Nigerian waters for over four years, describing the development as a result of deliberate policies aimed at strengthening maritime security.

The minister further disclosed that the federal government has secured $746 million to modernise key port infrastructure, including Apapa Port and Tin Can Island Port.

Oyetola said the government has introduced a new international policy framework for the marine and blue economy, designed to provide clarity for investors and drive growth across maritime transport, fisheries, and logistics.

He noted that fish production increased from 1.1 million tonnes to 1.4 million tonnes, while the approval of the cabotage vessel financing fund by Bola Ahmed Tinubu is expected to create about 30,000 jobs and reduce capital flight.