In May 2024, during the first-year ministerial briefing in Abuja, the Minister of Marine and Blue Economy, Adegboyega Oyetola, announced that the comprehensive process for finalizing and validating the National Policy on Marine and Blue Economy is expected to conclude by the end of the year.
This national policy aims to set the policy and strategic direction for the ministry, unlocking potential in the maritime sector while fostering a more enabling environment for growth and development across all value chains.
Since the announcement, the Ministry has engaged stakeholders, including experts, academia, and research institutions, to assess the current state of the sector and finalize the final draft.
Established in June 2023 under President Bola Ahmed Tinubu’s administration, the Federal Ministry of Marine and Blue Economy is tasked with steering a thriving maritime and blue economy sector. Its mandate focuses on advancing sustainability, innovation, and growth by harnessing Nigeria’s rich marine potential and resources for economic development.
Since Oyetola’s appointment as Minister in August last year, the ministry has made significant strides toward achieving its mandate of fostering a dynamic, inclusive blue economy that enhances national revenue through the sustainable use of the country’s marine resources.
The ministry is increasingly harnessing the potential of the marine and blue economy sector to create jobs and transform Nigeria into a continental and global leader in sustainable marine practices. Notably, it has reported a substantial revenue increase from the first quarter of 2024 compared to 2023, achieved through measures like blocking leakages, enhancing revenue generation from established sources, and introducing new revenue streams.
The Ministry’s efforts are further supported by collaboration with relevant government agencies to ensure the full rollout of the National Single Window initiative. With its extensive coastline and abundant water resources, the blue economy’s potential is promising for Nigeria’s overall economic growth.
The ministry’s achievements since its establishment were recognized when it was named the overall Best Performing Ministry in the country by the Presidential Enabling Business Environment Council (PEBEC) during national awards in July. Additionally, the Nigerian Maritime Administration and Safety Agency (NIMASA), an agency under the ministry, was awarded as the best government agency for exemplary teamwork and quality service delivery.
Dr. Jumoke Oduwole, Special Adviser to the President on PEBEC, praised the Minister for his dedication to ensuring that all agencies under the Ministry consistently improve their service delivery.
A thriving Marine and Blue Economy sector is expected to significantly contribute to Nigeria’s GDP, helping to diversify the nation’s largely oil-dependent economy.