Permanent Secretary Warns That Nigeria’s Blue Economy Remains Grossly Underfunded

Nigeria’s ambitions to develop its blue economy—a sector that encompasses maritime resources, fisheries, shipping, ports, and ocean-based tourism—are being stifled by chronic underfunding, according to the Permanent Secretary in the Ministry of Marine and Blue Economy. Speaking during a stakeholders’ forum in Lagos, the top official lamented that despite the sector’s vast potential to contribute significantly to national revenue, employment, and food security, it continues to suffer neglect in terms of budgetary allocations and long-term investment.

The Permanent Secretary emphasized that the blue economy is not just a futuristic concept but a present-day opportunity capable of diversifying Nigeria’s economy beyond oil dependence. With over 853 kilometers of coastline and vast inland waterways, Nigeria possesses one of the most resource-rich maritime spaces in Africa. Yet, the official noted, limited funding has stalled critical projects in port infrastructure, fishing industries, marine transportation, and environmental sustainability.

According to him, Nigeria loses billions annually due to inefficiencies, weak enforcement of maritime laws, and underdeveloped coastal industries. The fisheries sector alone, which could generate thousands of jobs and reduce the nation’s reliance on fish imports, has failed to reach its full potential due to lack of investment in modern trawlers, cold storage facilities, and training for artisanal fishers. Similarly, maritime transportation, which could ease the burden on Nigeria’s congested road networks, has been undermined by inadequate capital for inland waterway projects.

He warned that unless the government and private sector rally around the blue economy, Nigeria risks missing out on the estimated $1.5 trillion global ocean economy market. “The oceans hold the future of economic sustainability, but in Nigeria, the sector is still treated as secondary. Funding is grossly inadequate, and without urgent intervention, we will continue to underperform while other nations harness their maritime potential,” he said.

Stakeholders at the event echoed the Permanent Secretary’s concerns. Representatives from the Nigerian Ports Authority (NPA) highlighted the urgent need for modernization of port facilities to reduce cargo clearance delays and attract more global shipping lines. They argued that digitalizing port operations, expanding berthing capacity, and improving intermodal connections would require massive investments that current budgetary provisions cannot support.

Industry operators also called attention to the potential of coastal tourism. Nigeria’s beaches and cultural festivals could attract millions of visitors annually, but poor infrastructure, insecurity, and lack of promotional funding have left the sector dormant. Some stakeholders suggested public-private partnerships as a way to inject fresh capital, while others pushed for dedicated blue economy funds similar to those established for agriculture and solid minerals.

The Permanent Secretary noted that part of the ministry’s new strategy includes advocating for larger allocations in the 2026 federal budget while encouraging banks and development finance institutions to create specialized funding windows for maritime projects. He also disclosed that discussions were ongoing with international development partners to support sustainable ocean-based initiatives, especially in areas of climate adaptation and marine biodiversity protection.

Environmental experts at the forum underscored the importance of sustainable practices. They warned that increasing activities in the blue economy must be balanced with protection of marine ecosystems, which face threats from pollution, overfishing, and climate change. They emphasized that funding must not only address infrastructure but also strengthen regulatory agencies to ensure compliance with international maritime safety and environmental standards.

Economists say unlocking the potential of the blue economy could transform Nigeria’s fiscal outlook. Beyond diversifying revenue streams, investments in the sector could create millions of jobs for coastal communities, reduce poverty, and enhance food security. They pointed to examples from countries like Kenya and South Africa, which have successfully integrated blue economy strategies into national development plans and attracted significant foreign investment.

However, concerns remain about Nigeria’s ability to implement such strategies effectively. Past attempts to reform the maritime sector have been hampered by corruption, bureaucratic bottlenecks, and policy inconsistency. The Permanent Secretary acknowledged these challenges but insisted that the current administration is determined to break from the past by instituting transparency measures and involving stakeholders in decision-making.

Labour representatives also weighed in, stressing the need to train and retrain Nigerian seafarers, dockworkers, and coastal fishers. They argued that without investing in human capital, Nigeria risks depending on foreign expertise in managing its maritime resources, thereby limiting the economic benefits. Calls were also made for universities and polytechnics to expand maritime studies programs and research into ocean sciences.

In response to the underfunding concerns, officials from the Ministry of Finance present at the event assured stakeholders that the government is reviewing financing models to attract both local and foreign investors. They highlighted ongoing discussions about issuing blue bonds—special debt instruments dedicated to financing sustainable marine and ocean-based projects—as one innovative option under consideration.

The broader implication of the Permanent Secretary’s remarks is that Nigeria must urgently reposition the blue economy as a central pillar of its diversification agenda. With global demand for seafood, marine transport, renewable ocean energy, and coastal tourism on the rise, failure to invest now could leave the country lagging behind its peers.

For coastal communities who depend directly on the ocean for their livelihoods, the stakes are even higher. Many fishermen lament declining catches due to poor infrastructure and environmental degradation, while small-scale entrepreneurs in water transport and tourism face high operational costs and limited credit access. Adequate funding for the blue economy, they argue, could reverse these fortunes and improve living standards across Nigeria’s coastal belt.

The message from the Permanent Secretary was clear: Nigeria must stop treating the blue economy as an afterthought. If properly funded, it has the capacity to generate enormous wealth, create jobs, and safeguard the environment. But without significant and sustained investment, the nation risks leaving untapped one of its greatest natural advantages.