The Federal Ministry of Marine and Blue Economy has hinted at a push to attract fresh investment into Nigeria’s maritime sector, unveiling plans to collaborate with Jaiz Bank Plc on financing critical infrastructure and unlocking the vast potential of the nation’s blue economy.

The partnership, announced during a meeting between officials of the Ministry and the management of Jaiz Bank in Abuja, is expected to channel new funding into maritime infrastructure, inland waterways transportation, fisheries, aquaculture, and other strategic sectors.

Permanent Secretary of the Ministry, Mrs. Fatima Sugra Tabi’a Mahmood, said the marine and blue economy remains one of the country’s most capital-intensive sectors, requiring substantial long-term financing to drive growth and modernization.

She disclosed that the Ministry had recently explored international funding opportunities, including the assessment of a £1 billion financing facility in the United Kingdom, highlighting the scale of investment needed to transform Nigeria’s maritime infrastructure and fully harness the sector’s economic potential.

According to Mahmood, the Ministry is open to partnerships with financial institutions capable of providing innovative funding solutions to support large-scale projects and accelerate sectoral development.

“The Marine and Blue Economy is a sector with enormous investment opportunities and large-ticket projects. Any partner that can bring value to the table will find us willing and ready to collaborate as we work to expand, explore and maximize the sector’s contribution to national development,” she said.

She identified inland waterways transportation as a key area requiring investment, noting that water transport offers a cheaper alternative to road haulage and could significantly reduce logistics costs while easing pressure on Nigeria’s road network.

The Permanent Secretary also called for increased financing for fisheries and aquaculture projects, stressing that improved access to capital would boost domestic fish production, strengthen food security, create jobs and improve livelihoods in coastal and riverine communities.

On its part, Jaiz Bank pledged to deploy non-interest financing instruments to support the Federal Government’s economic diversification agenda and accelerate investments in marine and blue economy projects.

Managing Director of the bank, Dr. Haruna Musa, said Jaiz Bank was prepared to finance strategic infrastructure projects, support contractors executing key maritime developments and promote sustainable investments across the sector.

He also proposed technology-driven revenue monitoring systems, Public-Private Partnership financing models for major infrastructure projects, and financial inclusion programmes aimed at improving the welfare of civil servants.

Both parties agreed to establish a Joint Technical Working Group to develop a framework for the proposed partnership.

The ministry said the collaboration is expected to expand access to financing, boost indigenous participation in the maritime sector, increase investment inflows and support the Federal Government’s goals of economic diversification, job creation and sustainable national development.