The Federal Government has placed the marine and blue economy at the forefront of its economic growth strategy, according to the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola.
Oyetola made this known during the 2025 Sectoral Retreat for top management of the ministry and its agencies, held to deliberate on the recently approved National Policy on Marine and Blue Economy by the Federal Executive Council.
According to the minister, the policy provides a strategic framework to guide all future initiatives, investments, and regulatory actions within the sector. “We are committed to unlocking the vast potential of Nigeria’s marine and blue economy to contribute significantly to national development,” he said.
Highlighting the ministry’s achievements over the past year, Oyetola noted progress in critical areas including port infrastructure modernization, improvements in operational efficiency, early-stage implementation of the National Single Window platform, and increased revenue contributions to the national treasury.
He also pointed to ongoing efforts in maritime domain awareness and security, the development of fisheries and aquaculture, and the commencement of the process for disbursing the Cabotage Vessel Financing Fund (CVFF) to indigenous shipowners.
In his remarks, the Permanent Secretary of the Ministry, Mr. Olufemi Oloruntola, emphasized the importance of the retreat in identifying and resolving implementation barriers, fostering inter-agency collaboration, and outlining strategies to position the sector as a catalyst for national economic transformation.
A key feature of the retreat, Oloruntola revealed, is the signing of Performance Bonds by Heads of Agencies, guided by well-defined Key Performance Indicators (KPIs). He also highlighted the crucial role of Directors in the ministry, describing them as the backbone of the sector’s management structure.
The retreat marks a strategic push by the federal government to leverage Nigeria’s maritime assets for sustainable economic growth and development.