By Abiodun Folarin
WorldStage– The Alliance for Economic Research and Ethics Ltd/GTE has urged the Federal Government to leverage its marine and blue economy sector, warning that the country is leaving an estimated $296 billion in economic value untapped due to inadequate funding, fragmented institutions, and weak policy implementation.
In its latest policy paper, titled “Nigeria’s Blue Economy: The Trillion-Naira Ocean We Refuse to Swim In,” the Chairman of the Alliance, Dele Oye, said that despite the significant gains recorded since the establishment of the Federal Ministry of Marine and Blue Economy nearly three years ago, the sector remains far below its economic potential.
Oye, however, explained that Nigeria’s 850-kilometre coastline, 10,000 kilometres of navigable inland waterways, and strategic position as home to West Africa’s busiest seaports provide a strong foundation for becoming Africa’s leading maritime economy.
In the report, he acknowledged the achievements of the ministry under the leadership of the Minister of Marine and Blue Economy, Adegboyega Oyetola, citing improvements in port operations, maritime security, and institutional reforms.
According to him, in the first quarter of 2026, Nigeria recorded some of its strongest maritime performance indicators, with Gross Registered Tonnage rising by 19.5 per cent to 46.75 million, cargo throughput reaching 32.38 million metric tonnes, vehicle handling increasing by 67 per cent, and transshipment container traffic growing by 83.1 per cent.
Oye also credited the Deep Blue Programme with improving security in the Gulf of Guinea, noting that Nigeria has recorded more than four consecutive years without piracy incidents, helping to boost investor confidence and reduce insurance costs for vessels operating in Nigerian waters.
Despite these gains, Oye described the sector’s funding as grossly inadequate, noting that the Federal Ministry of Marine and Blue Economy received only ₦10.5 billion in the 2026 budget.
He argued that the allocation falls far short of the estimated ₦72 trillion annual investment required to unlock the country’s full blue economy potential, according to a study by the National Institute for Policy and Strategic Studies (NIPSS).
Meanwhile, the report identified overlapping responsibilities among key maritime agencies, including the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Ports Authority (NPA), and the National Inland Waterways Authority (NIWA), as major obstacles to investment and efficient regulation.
It also highlighted Nigeria’s fisheries sector as one of the country’s biggest missed opportunities, noting that domestic fish production of about 1.2 million metric tonnes annually falls significantly below national demand of 3.6 million metric tonnes, forcing the country to spend more than $1 billion each year on fish imports.
He argued that expanding aquaculture could enable Nigeria to produce up to 10 million metric tonnes of fish annually by 2030, create about 10 million jobs, and transform the country into a major seafood exporter.
While drawing lessons from countries such as Singapore, Norway, Indonesia, Kenya, and Tanzania, the think tank urged Nigeria to strengthen maritime governance, modernise infrastructure, and develop innovative financing mechanisms, including sovereign Blue Bonds.
Among its recommendations are the establishment of a National Blue Economy Coordination Council, an increase in the ministry’s annual budget to at least ₦500 billion, accelerated rehabilitation of ports and inland waterways, and full operationalisation of the over $700 million Cabotage Vessel Financing Fund (CVFF).
The Alliance said that “with the African Continental Free Trade Area (AfCFTA) creating new opportunities for regional trade, Nigeria must move quickly to position its marine and blue economy as a key driver of economic diversification and the Federal Government’s ambition of building a $1 trillion economy.”It concluded that while the ministry has laid a solid foundation for reform, sustained investment, stronger coordination, and decisive policy implementation will determine whether Nigeria fully harnesses its vast maritime resources or continues to lag behind competing economies.
