By Foster Obi
When President Bola Ahmed Tinubu carved out the Ministry of Marine and Blue Economy in 2023, it marked the first time Nigeria formally acknowledged the oceans as a central pillar of economic diversification. Since then, the new ministry has been racing to craft a roadmap capable of unlocking what experts estimate could be a multi-billion-dollar sector spanning fisheries, coastal tourism, shipping, maritime security, and offshore renewable energy.
Today, the conversation is no longer about whether Nigeria has blue economy potential, but whether it has the discipline, governance structures, and investments required to turn coastal resources into sustained national revenue.
According to Dr Ade Dosunmu, former Director General, Nigeria Maritime Administration and Safety Agency (NIMASA), “The Blue Economy offers a unique and timely solution to Nigeria’s perennial dependence on hydrocarbon resources… With strategic reforms, robust policies, and stronger collaboration among agencies and stakeholders, the sector can significantly boost national revenue and secure a prosperous future for our country”.
For Dr. Felicia Agriga, Economist and former consultant on Blue Economy Strategy.“Nigeria has the potential to earn over $20–$25 billion annually if we manage our ocean assets properly.”But she warns that policy fragmentation and weak enforcement could derail the movement before it matures.
A Ministry with Heavy Expectations
Already two years in office, the Minister of Marine and Blue Economy, Adegboyega Oyetola, has since emphasized the ministry’s mandate to deliver economic value through sustainability. At one of his stakeholders’ sessions in Lagos, he assured operators that Nigeria’s ocean resources would be managed “scientifically and commercially.”
“We are building a sector where environmental sustainability and economic expansion must walk hand in hand,” Oyetola said.
“The blue economy is not another slogan. It is a revenue engine that must be properly harnessed.”
The ministry identified five priority areas:
Fisheries development and export expansion, Strengthening cabotage and domestic maritime logistics, Marine tourism and coastal infrastructure renewal, Maritime safety and wreck removal, Support for ocean-based renewable energy.
With the approval of a new Marine and Blue Economy Policy by the Federal Executive Council (FEC), Oyetola said that with the new policy in place, the country now has a comprehensive blueprint to transform its vast marine resources into drivers of economic diversification, job creation, and environmental sustainability.
Oyetola, in a statement signed by Dr. Bolaji Akinola, his Media and Communications Adviser, said, “We now have a policy that speaks to our aspirations and gives us the tools to achieve them. From maritime trade and aquaculture to blue tourism and clean ocean energy, this policy presents clear pathways to national development. ”The minister expressed optimism that the policy will lay the foundation for sustainable prosperity for the country. While describing the policy as a visionary framework for national development, Oyetola hailed the FEC’s decision as timely and transformative.
Big Money in the Water, But Big Problems Too.
Nigeria’s coastline spans 853 km, with an Exclusive Economic Zone larger than the entire landmass of some West African countries. Yet illegal fishing, port inefficiency, and pollution have stifled economic activity for decades.
For instance, the Federal Department of Fisheries and Aquaculture estimates that Nigeria loses over $600 million annually to illegal, unreported, and unregulated fishing.
Similarly, tourism hubs such as Badagry, Brass, Opobo, and Qua Iboe remain drastically underdeveloped due to insecurity and poor access roads.
Captain Tunde Buari, a shipping consultant and former master mariner, says the country must prioritize maritime governance.
“We cannot talk about blue economy growth when pirates still present a threat on our coasts and when ports are expensive and slow,” he notes.
“Government must fix the fundamentals: security, efficiency, investment incentives, then the sector will explode.”
Private Sector Readiness Growing
Private players, from shipping lines to fish processors, say they are ready.
Mrs. Dorothy Okams, a food consultant, says Nigeria should focus on job creation along the fisheries value chain.
“With good cold-chain infrastructure alone, we can create over 300,000 jobs,” she argues.
“Our coastal communities are eager. What they need is support, training, and access to finance.”
Investors from South Africa, Spain, and the UAE have also shown interest in Nigeria’s coastal tourism projects, particularly in Lagos, Akwa Ibom, Cross River, and Bayelsa.
The Road Ahead
Analysts believe the blue economy will require a tight blend of environmental protection, maritime security, digital port reforms, and coastal infrastructure.
Dr. Edy Kotka, a Warri-based Agriculturist, offers a closing reminder, “If Nigeria gets the blue economy right, it won’t just earn money, it will transform coastal livelihoods.”
With two years to the end of his tenure, ceteris paribus, the nation is watching whether the Minister of Marine and Blue Economy has the political will and technical backbone to deliver one of the biggest economic opportunities of the 21st century.
Missing this golden opportunity will recreate that famous proverb, “I came, I saw but refused to conquer.”
Picture: Gboyega Oyetola, Minister of Marine and Blue Economy
