Juliet Ezeh
Nigeria’s marine and blue economy is entering a defining moment, with revenue from agencies under the Ministry of Marine and Blue Economy rising to N1.83 trillion in 2025. This marks a sharp increase from N700.79 billion recorded in 2023, reflecting a 160 percent growth driven by reforms, improved regulatory oversight, enhanced transparency, and efforts to block revenue leakages.
Minister Adegboyega Oyetola disclosed the figures during the 2026 first-quarter citizens and stakeholders engagement in Lagos, where he highlighted the government’s push to reposition the maritime sector as a major contributor to national revenue. The growth aligns with the broader economic diversification agenda of President Bola Tinubu.
Despite the strong revenue performance, Nigeria continues to face a major structural challenge in the maritime sector. Industry stakeholders estimate that the country loses between $8 billion and $9 billion annually to foreign shipping companies that dominate the transportation of Nigerian cargo. This situation underscores a critical gap in the nation’s maritime value chain, where revenue is generated locally but significant economic value is exported abroad.
Maritime expert Greg Ogbeifun stressed the urgency of reversing this trend, noting that Nigeria’s large import and export volumes make it imperative for the country to develop and own shipping capacity. According to him, continued reliance on foreign vessels results in compounded economic losses and limits the nation’s ability to fully benefit from its trade activities.
In response, the Federal Government has advanced plans to establish a new national shipping carrier, with reported interest from reputable international partners. The initiative is expected to enhance Nigeria’s participation in global shipping, retain freight earnings within the country, and create employment opportunities across the maritime value chain. However, concerns remain over execution, given the failure of previous national carriers due to governance and operational challenges.
Beyond shipping, the government is also investing in port modernisation and the development of new deep seaports to improve efficiency, reduce congestion, and strengthen Nigeria’s competitiveness as a maritime hub in West and Central Africa. These projects are expected to lower the cost of doing business and attract increased trade and investment.
In the fisheries sector, local production rose from 1.1 billion metric tonnes to 1.4 billion metric tonnes in 2025. While this represents progress, it remains significantly below the national demand of 3.6 billion metric tonnes, indicating the need for sustained investment and innovation to bridge the gap.
The developments highlight a dual reality for Nigeria’s marine economy. On one hand, the sector is achieving impressive revenue growth and policy momentum. On the other, persistent structural weaknesses, particularly in shipping ownership, continue to limit its full economic potential.
As Nigeria seeks to position itself as a leading maritime gateway in Africa, the success of ongoing reforms will depend on closing these gaps, ensuring policy continuity, and building a sustainable framework that allows the country to not only participate in global trade but also control a greater share of its value.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.