Uche Cecil Izuora
The modernisation of the Apapa and Tin Can Island Ports in Lagos are set to commence.
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, said this is possible because the Federal Government has secured 746 million pounds for that purpose.
Declaring open the ‘Blue Economy Investment Summit 2026’ on Thursday in Abuja, Dr. Oyetola said that the project would significantly enhance capacity effectiveness and competitiveness of the ports.
He noted that the ministry recorded remarkable improvement in revenue generation by agencies under the ministry.
“In 2023 when I assumed office, these agencies generated a total of N700.79 billion. By the end of 2025, this figure had risen substantially to approximately N1.83 trillion.
“This achievement is the result of deliberate and sustained reforms, including strengthened regulatory oversight, improved revenue collection mechanisms and digitalisation of core processes among others,” he said.
According to him, these efforts underscored a determination to build institutions that were efficient, accountable and financially sustainable.
Oyetola said: “This Summit comes at a defining moment in global dynamics, when nations are grappling with conflicts while increasingly recognising the immense value of oceans and maritime resources.
“The global blue economy, now valued at over 3 trillion dollars annually, has become a critical driver of trade, climate innovation, and sustainable development.
“This presents a remarkable opportunity for Nigeria. Our country is uniquely positioned to harness the vast potential of the marine economy as a cornerstone of national prosperity”.
“This is with over 8,300 kilometres of coastline, extensive inland waterways, and a strategic geographic location along the Gulf of Guinea.”
On other achievements of the sector, Gboyega said that for the first time in the nation’s history, “we have developed and launched a National Policy on Marine and Blue Economy”.
“It is a comprehensive and forward-looking framework that clearly articulates our vision, establishes strategic priorities and provides certainty and confidence to investors.
“In further strengthening the financial ecosystem of the sector, we are prioritising the revitalisation of the Regional Maritime Development Bank, after over 16 years of delay,” he added.
The Summit, which has theme “Shifting Gears: Heading to the Frontier of the Maritime Economy”, was organised by the Maritime Innovations Hub in collaboration with the ministry of the Marine and Blue Economy