Seeks funding to boost nation’s blue economy

The Federal Government has reaffirmed its commitment to the actualisation of the Agge Deep Sea Port in Bayelsa State, describing the project as a game-changing maritime infrastructure that will unlock investment opportunities, create thousands of jobs, and accelerate economic growth in the Niger Delta.

The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, made the commitment in a statement issued in Abuja yesterday, stressing that the proposed deep-sea port remains a key priority under the Federal Government’s agenda to expand Nigeria’s maritime infrastructure and deepen the blue economy.

According to the minister, the project aligns with President Bola Tinubu’s economic transformation strategy, which aims to boost trade, industrialisation, and sustainable development.

Oyetola said the Agge Deep Sea Port would serve as a major maritime gateway in the South-South region upon completion, enhancing Nigeria’s competitiveness in regional and international trade while reducing pressure on existing ports.

“The Agge Deep Sea Port project is a critical component of our strategy to expand Nigeria’s maritime infrastructure and strengthen the nation’s competitiveness in regional and international trade. It will significantly contribute to job creation, economic development, and investment inflows into the Niger Delta region,” he said.

The minister disclosed that the Federal Ministry of Marine and Blue Economy was working with the Bayelsa State Government and other stakeholders to fast-track the implementation of the project.

He noted that beyond improving maritime capacity, the port would stimulate economic activities across multiple sectors, including logistics, fisheries, shipbuilding, maritime services, and tourism.

Oyetola further stated that the project is expected to generate thousands of direct and indirect employment opportunities while attracting both local and foreign investors to the region.

The minister also commended Bayelsa State Governor, Douye Diri, for his support for the project and for aligning the state’s development plans with the Federal Government’s Marine and Blue Economy agenda.

Reiterating the government’s resolve to deliver the project, Oyetola described the Agge Deep Sea Port as a catalyst for regional transformation and a cornerstone of Nigeria’s maritime future.

The project is widely seen as one of the strategic infrastructure initiatives expected to drive Nigeria’s emerging blue economy and expand the country’s role in global maritime trade.

Also, the Marine and Blue Economy Ministry has hinted at a push to attract fresh investment into Nigeria’s maritime sector, unveiling plans to collaborate with Jaiz Bank Plc to finance critical infrastructure and unlock 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 modernisation.

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.