Nigeria’s Marine Economy Revenue Soars to $1.83 Trillion Under Tinubu’s Reforms
The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced on Thursday that Nigeria’s revenue from fishing, port infrastructure, and related investments has surged to over N1.83 trillion under President Bola Tinubu’s administration. This significant increase is attributed to reforms initiated in 2023, which have seen revenue rise from approximately N700 billion to N1.83 trillion by 2025.
National Assembly Approves Budget for Marine Sector
In conjunction with this growth, the National Assembly has approved a 2026 budget exceeding N10 billion for federal government services within the marine sector. Oyetola emphasized that the reforms, framed within the National Policy on the Marine and Blue Economy, have established clear strategic priorities, bolstering investor confidence.
He highlighted that the global blue economy is valued at around $3 trillion, indicating Nigeria’s readiness to capitalize on this opportunity in the coming years. Oyetola made these remarks during the 2026 Blue Investment Summit held in Abuja, in collaboration with the Maritime Innovations Hub.
Achievements in Maritime Security and Infrastructure
Oyetola detailed the positive outcomes of the reforms, stating that they have restored order and efficiency at the Apapa and Tin Can Island ports, enhancing operational performance and facilitating trade for the first time in decades. He noted a significant milestone in maritime security, reporting that piracy in Nigerian waters has been effectively eradicated for over four years, thanks to the Integrated National Security and Waterways Protection Infrastructure, commonly referred to as the Deep Blue Project.
This achievement has not only improved safety but has also restored global confidence in Nigeria’s maritime domain. Furthermore, Nigeria has regained its position on the international maritime stage by securing election to the Council of the International Maritime Organisation for the first time in 14 years, reflecting renewed international trust in Nigeria’s leadership and commitment to maritime governance.
Maritime Sector’s Role in International Trade
The minister pointed out that the maritime sector now handles over 90% of Nigeria’s international trade, underscoring its vital role in the economy and its significance as a gateway for commerce across West Africa. This growth is supported by improved efficiency, enhanced infrastructure, and a more secure operating environment.
Princess Ronke Kosoko, CEO of Maritime Innovations Hub, echoed Oyetola’s sentiments, stating that achieving targeted goals within a $3 trillion economy will necessitate early, strategic planning and substantial financial commitments from both the government and stakeholders to realize the expected outcomes.
Challenges and Opportunities in African Maritime Logistics
Other notable speakers at the summit included Barrister Pius Akutah, Executive Secretary of the Nigerian Shippers’ Council, and Fredrik Klinke, CEO of APM Terminals. Akutah raised concerns about the implications of inadequate logistics and weak maritime connectivity for African nations. Klinke assured attendees that Nigeria possesses the potential to unlock the $3 trillion global blue economy, provided that appropriate regulations and investment discipline are adhered to by stakeholders.
Akutah highlighted that until recently, inter-Africa cargo shipments faced significant challenges due to weak connectivity. He noted that cargo traveling between African countries often had to route through Europe or China before returning to Africa, a situation stemming from the continent’s logistical shortcomings. He warned that maritime logistics and connectivity represent critical areas of failure in the implementation of the African Continental Free Trade Area (AfCFTA).
Despite these challenges, Akutah emphasized Nigeria’s strengths, citing the country’s extensive coastline of over 8,000 kilometers and more than 10,000 kilometers of inland waterways. He stated that these attributes position Nigeria as a viable hub for maritime logistics, both on the ocean and within inland waterways.
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Published on 2026-04-10 12:41:00 • By the Editorial Desk
