Nigeria’s minister of Marine and Blue Economy, Adegboyega Oyetola, has raised concerns over the country’s potential to miss out on a $296bn opportunity in the blue economy due to inadequate funding and policy shortcomings. The minister directed the Nigerian Maritime Administration and Safety Agency to prioritize the development of the sector, emphasizing the need for stronger regulatory frameworks and investment.
The blue economy, which includes fisheries, aquaculture, and maritime transport, is seen as a key driver for economic diversification and job creation in Nigeria. However, experts note that the sector remains underdeveloped due to limited financial support, weak institutional capacity, and inconsistent policy implementation.
Oyetola highlighted the importance of public-private partnerships and international collaboration to unlock the sector’s potential. He also called for increased transparency and accountability in the management of maritime resources.
The minister’s remarks come amid growing calls for Nigeria to leverage its coastal resources more effectively to reduce reliance on oil revenues and boost economic resilience.
