Nigeria eyes ocean wealth as Oyetola seeks fresh financing options
Nigeria is set to participate in a high-level strategic session aimed at mobilising innovative finance for sustainable blue economy projects across Africa. The session will take place on the sidelines
Nigeria is set to participate in a high-level strategic session aimed at mobilising innovative finance for sustainable blue economy projects across Africa.
The session will take place on the sidelines of the Our Ocean Conference in Mombasa.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, said the Federal Government is exploring new funding options, including raising capital through the market tied to specific projects.
Organisers said the meeting will convene issuers, investors, regulators, and ecosystem partners to develop a pipeline of bankable blue finance opportunities.
Dr. Uche Igwe, lead consultant at Gadfly Consulting Limited, said private sector participation is critical to unlocking investment in the blue economy.
He said Nigeria must mobilise resources to meet its ambitions in the sector.
“There are proposals to develop deep-sea ports in many states across the country to decongest the Lagos ports.
“These may involve the construction of modern infrastructure, terminal automation and digitisation,” he said.
Igwe said sectors such as fisheries require urgent attention.
“That Nigeria has such rich ocean endowments and yet imports $1.2 billion worth of fish annually is inexplicable,” he noted.
He added that aquaculture, inland waterways transport, and marine tourism offer significant economic potential.
“We are going to Mombasa to showcase our potential, demonstrate our leadership in maritime security management in the Gulf of Guinea, and secure the partnerships needed to translate our ambitions into action,” he said.
Titia Sjenitzer, Co-Executive Director of Blue Bond Accelerator, a global non-profit, said Nigeria’s policy focus on the blue economy provides a credible platform for investment.
She said the momentum could support financing for sustainable port infrastructure, fisheries, marine tourism, and coastal resilience.
Sjenitzer said the global blue bond market is gaining traction as governments and investors recognise the ocean economy as a strategic asset class.
She cited Seychelles and Indonesia as examples of countries that have issued sovereign blue bonds.
She said Africa’s extensive coastlines and marine resources position it as a frontier market for blue capital.
“Nigeria stands out as a natural anchor of the African continent. With one of Africa’s deepest domestic capital markets and a clear policy push on the blue economy, it has what many markets lack,” she said.
The 11th edition of the Our Ocean Conference will be the first to be held on African soil.
The conference, themed “Our Ocean, Our Heritage, Our Future,” will focus on advancing ocean sustainability, jobs, and economic resilience.
Organisers said the event will convene about 1,000 global leaders from over 100 countries, alongside representatives of more than 400 international organisations.
