The Permanent Secretary of the Ministry of Marine and Blue Economy Mr Olufemi Oloruntola has raised concerns over the ministry’s annual budget, describing it as grossly inadequate for the scope of its mandate. According to him, the allocations fall far short of what is needed to modernise boats, secure waterways, expand fishing, promote tourism, and invest in renewable marine resources.
Oloruntola made the remarks in Lagos while presenting a paper titled “Imperatives of Public Investment for Marine and Blue Economy Development.” He noted that the current budget does not reflect the sector’s vast potential, stressing the need for innovative financing models and stronger collaboration between government and private stakeholders.
“The funds we receive from the national budget are far below what is required to drive this sector. The marine and blue economy is vast, complex, and capital intensive, yet our allocations remain only a fraction of what is needed,” he said. “This gap between mandate and resources makes it urgent to explore public private partnerships and creative financing mechanisms if we truly want to translate policy into impact.”
Nigeria’s marine and blue economy covers a wide range of areas that are central to economic diversification, job creation, and sustainable growth. With more than 853 kilometres of coastline, vast inland waterways, and strategic access to the Gulf of Guinea, the country is naturally positioned to build a globally competitive maritime economy.
However, Oloruntola explained that these opportunities remain largely underutilised due to limited investment, ageing infrastructure, and weak policy execution. While the ministry has been recognised for strong policy direction and administrative performance, he stressed that translating vision into measurable results requires resources that match ambition.
He pointed out that public investment is essential in reducing risks for private sector participation, especially in heavy infrastructure projects. “We need to strengthen regulatory frameworks for transparent governance and channel catalytic finance into areas where social impact outweighs immediate commercial gain. This includes aligning investments with national priorities like food security, energy transition, employment creation, and climate resilience,” Oloruntola explained.
Breaking it down further, he said Nigeria’s marine economy can be viewed under two broad categories: infrastructure and transport, and the sustainable economic sector. In infrastructure and transport, he highlighted the port modernisation agenda including the revitalisation of eastern ports and the adoption of smart port systems as critical projects requiring major public funding. Without such investments, he warned, Nigeria risks losing its regional edge to neighbouring countries.
He also stressed the importance of incentives for shipbuilding, ship repair, and support for indigenous maintenance facilities. According to him, public investment in these areas will significantly reduce capital flight from freight payments which currently cost the country billions of dollars while also strengthening maritime sovereignty.
On the other side, he identified fisheries and aquaculture as a sector brimming with potential. Strengthening value chains in industrial, artisanal, and inland fisheries, he said, would unlock immense opportunities. Establishing fish landing sites, processing facilities, and cold chain logistics, he added, would not only boost domestic supply but also open up the market to high value exports.
Through targeted investments and genuine partnerships, Oloruntola believes the blue economy could become one of Nigeria’s strongest pillars of sustainable development.
