The Minister of Marine and Blue Economy, Adegboyega Oyetola, has unveiled a wide-ranging reform agenda aimed at unlocking Nigeria’s estimated $3 trillion blue economy potential.

Speaking at the Blue Economy Investment Summit in Abuja, Oyetola said recent interventions have begun repositioning the maritime sector for global competitiveness and investor confidence.

He disclosed that the government has addressed long-standing challenges such as Apapa gridlock and strengthened security measures that have eliminated piracy incidents in Nigerian waters for over four years.

Oyetola also revealed that Nigeria has secured about $746 million in funding to modernise key port infrastructure across the country.

He said these reforms mark a shift from inefficiency to coordination, stability, and improved productivity within the maritime industry.

The minister noted that the sector handles over 90 per cent of Nigeria’s international trade by volume, making it central to economic growth and regional commerce.

He added that revenue generated by maritime agencies rose significantly from N700.79 billion in 2023 to N1.83 trillion in 2025 due to improved regulation and digitalisation.

Oyetola also announced progress in fish production, expanded port development projects, and the approval of the Cabotage Vessel Financing Fund to support indigenous shipowners and create jobs.

He further stated that Nigeria has regained its seat on the International Maritime Organisation Council after 14 years, describing it as a sign of renewed global trust in the country’s maritime governance.

The summit brought together policymakers, investors, and industry stakeholders to discuss strategies for expanding maritime transport, tourism, energy, and trade under the national blue economy framework.