The Minister of Marine and Blue Economy, Adegboyega Oyetola, has lamented marine pollution, insecurity, overfishing, climate change and neglect as mounting threats facing the ocean economy, with huge underfunding of the blue economy sector.
This is just as the Director General/Chief Executive Officer of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, decried the underfunding of the blue economy sector in Nigeria and globally, citing the World Bank’s report of $150 billion yearly financing gap.
These were the submissions yesterday as Nigerians joined the global community to commemorate the 2025 International Maritime Organisation (IMO) World Maritime Day theme, ‘Our Ocean, Our Obligation, Our Opportunity’, organised by the Federal Ministry of Marine and Blue Economy.
Oyetola said there is a need to enforce sustainable fishing practices, tackle marine pollution, safeguard biodiversity and strengthen maritime safety and security.
Oyetola said the blue economy represents a new frontier of innovation, prosperity and inclusive growth, noting that the opportunities are vast, ranging from renewable ocean energy, marine biotechnology, to sustainable aquaculture.
The minister said the Federal Government’s vision is to harness these possibilities to make the sector a leading contributor to Nigeria’s economy, reducing dependence on oil and gas, and driving diversification in line with national priorities.
“We are determined to realise this vision through consistent effort, bold reforms and sustained collaboration. The Federal Ministry of Marine and Blue Economy remains committed to advancing marine governance, modernising port infrastructure and deepening regional and international partnerships for ocean preservation,” he stated.
The NIMASA boss stressed that the opportunities in the ocean are vast and must be harnessed sustainably, from fisheries and aquaculture, renewable energy, shipbuilding, repair, tourism, to port infrastructure development.
Mobereola stated that while public funding will never be enough to close the gaps, there is a need for the private sector to get involved and scale up financing for ocean health and the sustainable blue economy.
“The blue economy remains one of the most underfunded sectors globally. According to the World Bank, Sustainable Development Goal 14 (life below water) is one of the most poorly funded SDGs, with a yearly financing gap of approximately $150 billion. It has been acknowledged globally that public funding will never be enough to close the gaps,” he said.
Mobereola also called for the right regulatory frameworks, incentive structures and de-risking mechanisms to mobilise the private sector and bring investment to the scale that is desperately needed.
He also strongly advocated for a just and equitable transition to net-zero greenhouse gas (GHG) emissions for Sub-Saharan Africa, small island developing states and least developed countries to ensure fairness and social justice.
Mobereola noted that the agency is addressing the country’s plastic pollution crisis with the Marine Litter and Plastic Action Plan.On his part, the Managing Director, Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, assured of the authority’s unwavering commitment to the continuous promotion of port eco-friendliness.
Dantsoho, who was represented by the Executive Director, Marine and Operations, NPA, Lekan Badmus, said that with over 90 per cent of global trade, which accounts for half of the world’s economic output, the maritime industry constitutes an important economic driver that helps to spur development and reduce poverty.
