Blue Economy Requires $10bn Investment to Thrive
Nigeria’s marine and blue economy sector requires $10 billion in investment over the next decade to modernise ports and logistics, expand aquaculture and cold-chain facilities for fisheries, restore mangroves and wetlands, and upgrade wastewater treatment plants and pollution-control systems in order to tap into the $5 trillion global marine industry.
According to stakeholders, projects in the sector are capital-intensive but remain underfunded, with current budget allocations falling far short of the scale required to drive meaningful development.
These were the submissions at the recent Third Quarter Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy and its agencies, themed “From Policy to Impact: Finance is Key,” held in Lagos on September 25, 2025.
Minister of Marine and Blue Economy, Adegboyega Oyetola, said the nation risks leaving its vast marine resources, including shipping, fisheries and aquaculture, marine tourism, coastal infrastructure, renewable energy, and ocean research, underutilised without sustainable investment.
Oyetola said, although the Federal Executive Council’s (FEC) approval of the National Policy on Marine and Blue Economy in May 2025 had created a clear roadmap for growth, the next critical step lies in mobilising the capital needed to achieve results.
He pointed out that 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 said it would take innovative partnerships, long-term private capital, and international financing mechanisms to translate the 10-year national policy into measurable outcomes.
“With collective commitment and innovative financing, Nigeria is well placed to secure leadership in Africa’s marine and blue economy and to generate the prosperity, jobs, and environmental resilience that its citizens deserve,” Oyetola stated.
The Permanent Secretary of the Ministry, Mr Olufemi Oloruntola, in a technical presentation titled “Imperatives of Public Investment for Marine and Blue Economy Development,” warned that the current budgetary allocation to the sector is grossly inadequate when compared to the capital-intensive responsibilities of port modernisation, maritime security, fisheries, eco-tourism infrastructure, terminals, and renewable energy.
In his analysis, Oloruntola argued that with the right financing structure, Nigeria could unlock access to over $1.5 trillion in global blue economy opportunities projected by 2030, create millions of jobs, and secure sustainable livelihoods for coastal communities.
He called for a dedicated Blue Economy Fund, stronger public–private partnerships, and the adoption of blue bonds, green financing instruments, and development support from multilateral partners.
Also presenting a paper titled “Marine and Blue Economy Development: Alternative Sustainable Financing Options,” the Chief Executive Officer of the Nigerian Exchange Limited, Mr Jude Chiemeka, highlighted the role of the capital market in raising long-term financing for blue economy projects, underscoring the importance of sustainability-linked loans, blended finance, and impact investments in building resilience across the sector.
Chiemeka said Nigeria’s 853 km coastline and rich waterways represent multi-billion-dollar opportunities, as the sector requires $10 billion over the next decade to restore mangroves and wetlands, modernise ports and logistics, expand aquaculture and cold-chain facilities, and upgrade wastewater and pollution-control systems.
He called for alternative sustainable financing, such as blue bonds, blended finance, and thematic instruments, for the Ministry to mobilise billions in new capital to finance infrastructure development in the sector.
Chiemeka explained that the financial instruments reduce the project funding cost compared to bank loans and offer an opportunity for institutional investors to participate in infrastructure projects through listed and tradable securities that can offer superior risk-adjusted returns.
He said it also enables Nigerian pension funds and banks to participate in blue economy financing with reduced risk, adding that the approach has been implemented across various sectors, with a particular focus on infrastructure, energy, and financial services in developing countries