By Patience Chat Moses
Nigeria is setting sail on an ambitious journey to lead Africa’s marine and blue economy. With a brand-new national policy and a pledge of support from the World Bank, Minister of Marine and Blue Economy, Adegboyega Oyetola, insists the country is ready for transformation.
But as marine security expert Mr. Biodun Adekunle cautioned in a conversation with Valuechain: “Potential is not the same as reality. Leadership in this sector will depend on effective management, sustainable practices, and the political will to follow through.”
A Bold Policy, A Bigger Question
The Federal Executive Council’s approval of Nigeria’s first-ever National Marine and Blue Economy Policy is more than bureaucracy; it is a statement of intent. Minister Oyetola, during a meeting with a World Bank delegation in Abuja, described the policy as a “comprehensive framework for sustainable exploitation, conservation, and governance” of Nigeria’s vast coastal and marine resources.
With 853 km of coastline and millions living in coastal communities, the policy has wide implications. It aims to boost wealth creation, generate jobs, strengthen food security, and tackle critical issues like coastal erosion, port infrastructure, and sustainable fishing.
As Oyetola noted, “We cannot continue to import what we can produce locally. This will not only save foreign exchange but also create thousands of jobs for our people, especially in coastal and riverine communities.”
World Bank’s Backing — Symbol or Substance?
The World Bank delegation, led by Gladys Fajomu, pledged support for Nigeria’s marine ambitions, especially in coastal sustainability and port infrastructure. This endorsement suggests international confidence and the possibility of unlocking vital funding.
Yet Mr. Adekunle remains cautious: “We’ve seen many policies with international backing stall at the point of implementation. Unless this support translates into tangible investment and accountability, it risks becoming just another seal of approval.”
What Will It Take?
For Nigeria’s new policy to avoid gathering dust, several non-negotiable areas must be addressed:
Financing the Future
Nigeria’s maritime sector has long been underfunded. Adekunle argues for a dedicated Blue Economy Development Fund, complemented by tax breaks and incentives to attract private sector players in shipping, logistics, and port development. Without this, the dream of becoming a regional maritime hub may remain out of reach.
Securing the Waters
The Gulf of Guinea remains a global hotspot for piracy, armed robbery, and illegal fishing. While Nigeria’s Deep Blue Project has achieved progress, experts insist on continuous investment in technology, intelligence sharing, and legal frameworks to prosecute offenders.
Adekunle stresses: “Without maritime security, there can be no marine economy. Investors will stay away, and Nigeria will keep losing billions in revenue.”
Breaking Silos in Governance
Overlapping roles among agencies like NIMASA and the Nigerian Navy often create inefficiency. Stronger inter-agency collaboration and community involvement are critical to translating policy into practice.
Balancing Growth with Sustainability
Economic progress must not sacrifice the environment. Nigeria faces marine pollution, overfishing, and coastal erosion. Protecting mangroves and investing in blue carbon projects could not only preserve ecosystems but also earn revenue through carbon credits.
The Bigger Picture
Nigeria’s ambition is timely. Africa’s marine economy is valued at over $300 billion annually, yet remains largely untapped. If successful, Nigeria could position itself as the continent’s maritime hub, creating jobs, driving exports, and improving food security.
Still, as Mr. Adekunle reminds: “Policies don’t change realities; implementation does. If Nigeria gets this right, it could lead Africa. If not, it risks missing the tide again.”