Stakeholders Demand Immediate Action To Convert Nigeria’s $1 Trillion Blue Economy Potential Into Reality

BY FUNMI ALUKO

Stakeholders across the nation’s maritime, financial, security, and public policy sectors who gathered in Apapa, Lagos, recently for the Annual Lecture and Awards Ceremony of The New Experience newspaper, has called for urgent, coordinated, and practical action to unlock the nation’s vast blue economy potential as a catalyst for national prosperity, massive job creation, and food security.

The event, held at the Rockview Hotel to mark the publication’s 9th anniversary, focused on the central theme, “Blue Economy in Action: Financing, Innovation and Policy for Nigeria’s Maritime Future.”

Bringing together key regulators, operators, security agencies, and media executives, the gathering interrogated why Nigeria’s blue economy contributes less than 5 percent to the gross domestic product despite the nation possessing a rich 853-kilometre coastline and strategic positioning within the Gulf of Guinea.

Opening the proceedings on behalf of the Chairman of the Occasion, Chief Chamberlain Oyibo, former Group Managing Director of the Nigerian National Petroleum Corporation, Chief Ibitrokoemi Seddon declared that Nigeria’s vast marine potential would remain mere theory without decisive execution.

Recalling the early days of the publication, Chief Seddon commended the publisher, Prince Benson Davies, for his unwavering determination, noted that the newspaper had matured into a courageous and respected voice reporting without fear or favor, and outlined three central pillars required to transform the sector: deliberate maritime financing through a dedicated Blue Economy Development Fund, modern technological innovation through smart port operations, and predictable, investor-friendly regulatory policy.

​Delivering the welcome address, Publisher and Chief Executive Officer Prince Benson Davies described the 9th milestone as a testament to resilience, truth-telling, and consistent service to the maritime sector. He acknowledged the sustained support of key industry partners, including the Nigerian Ports Authority, the Nigerian Maritime Administration and Safety Agency, SIFAX Group, Widescope International Logistics Limited, Skyway Aviation Handling Company PLC, the Nigeria Ports Economic Regulatory Agency, the Nigeria Customs Service, and the Maritime Police Command, alongside media institutions and prominent industry leaders who have stood by the publication since its inception in May 2017.

​In a comprehensive keynote address, Amb. Dr. Dorcas Masu Daniel Bature, Chairperson of the Anniversary Committee and Chairperson of the Chartered Institute of Logistics and Transport Lagos Chapter, declared that the blue economy represents Nigeria’s immediate frontier for growth. Decrying the massive capital flight spent importing fish despite the country’s rich aquatic resources, Dr. Bature urged immediate targeted investments in domestic fisheries and aquaculture to guarantee food security and lower the cost of living for everyday households.

​Addressing the structural hurdles to growth, Dr. Bature pointed out that Nigeria’s primary challenge lies in capital allocation and financial management rather than a complete absence of resources. She called for the establishment of a sovereign blue bond to fund port modernization, cold-chain logistical infrastructure, and dedicated fish landing terminals, while demanding that the proposed $1 billion innovation fund be transparently disbursed to merit-based, technology-driven young entrepreneurs aged 18 to 28. To eliminate regulatory friction, she advocated for a harmonized framework clearly delineating the responsibilities of regulatory bodies to streamline processes, improve cargo clearance times, reduce cost overruns, and attract vital private investment. Furthermore, she stressed the imperative of strengthening maritime security through sustained support for the Deep Blue Project and regional naval collaborations, alongside active environmental interventions to combat coastal erosion, oil spills, and plastic pollution.

​During the panel session moderated by Prince Benson Davies, experts analyzed the key financial, technological, and policy impediments holding back the sector. Panelists observed that commercial banks often shun maritime ventures due to perceived high risks, offering only short-term loans with punitive interest rates. They unanimously urged the Federal Government to disburse the long-overdue Cabotage Vessel Financing Fund after more than two decades of delay, while establishing low-interest credit facilities tailored specifically for maritime infrastructure and domestic shipowners.

​On innovation, stakeholders noted that Nigerian ports remain among the most expensive globally, driven largely by manual processes and systemic delays. They urged the immediate full implementation of the National Single Window, digital cargo clearance systems, and port automation to drastically cut cargo dwell time and lower trade costs. Panelists also warned that Nigeria risks economic isolation if it fails to align with global green shipping standards and the ongoing clean energy transition, while emphasizing the wealth creation potential inherent in tech-driven aquaculture, boat building, and coastal tourism.

​Addressing the policy environment, the panel expressed concern over the multiplicity of agencies operating within the ports, noting that overlapping mandates create red tape that stifles commercial efficiency. Panelists called on President Bola Ahmed Tinubu and the Minister of Marine and Blue Economy, H.E. Adegboyega Oyetola, to move beyond administrative creation by harmonizing agency operations under a single, stable National Blue Economy Policy that guarantees investor confidence and converts strategic communiques into enforceable action.

​The anniversary lecture featured a vibrant cultural performance by the Tiv Lagos Dancing Group, highlighting the rich cultural diversity of the nation. The event culminated in the presentation of awards to distinguished individuals and organizations recognized for their notable contributions to Nigeria’s maritime and logistics development.