Private Sector Investment Crucial for Nigeria’s Port Modernisation, Says Minister Oyetola

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has declared that private sector investment is essential to realizing Nigeria’s ambitions for port modernization and marine sector development. Speaking at the 3rd Quarter Citizens’ and Stakeholders’ Engagement forum, the minister emphasized that government alone cannot fund the transformation needed in the sector.

“Vision without financing remains no more than a dream,” Oyetola stated. “Government alone cannot shoulder the immense responsibility of modernising Nigeria’s ports, sustaining maritime security, expanding aquaculture, or building climate-resilient infrastructure.”

The minister’s comments come four months after the Federal Executive Council approved Nigeria’s first-ever National Policy on Marine and Blue Economy in May 2025, which outlines a 10-year plan for sustainable growth across maritime sectors. Oyetola acknowledged that while the policy provides a clear roadmap, mobilizing capital represents the next critical step.

Oyetola highlighted several achievements demonstrating the ministry’s capacity for delivery, including a 96% performance score from the Central Results Delivery Coordination Unit in Q1 2025 and recognition as the best-performing ministry in 2024 by the Presidential Enabling Business Environment Council.

Notable successes include maintaining a piracy-free record in the Gulf of Guinea for over three years through the Deep Blue Project, ongoing rehabilitation of Lagos ports to attract larger vessels and reduce turnaround times, and scaling aquaculture initiatives that have contributed to a 20% increase in non-oil exports in the first half of the year.

The Permanent Secretary of the Ministry, Mr. Olufemi Oloruntola, reinforced the funding challenge in a technical presentation, describing current budgetary allocations as “grossly inadequate” for the sector’s capital-intensive needs. He proposed establishing a dedicated blue economy fund and exploring blue bonds, green financing instruments, and development support from multilateral partners.

Both officials emphasized that innovative financing mechanisms including public-private partnerships, blended finance, and international capital are essential to translate Nigeria’s marine and blue economy vision into tangible economic benefits, job creation, and environmental resilience.