The Federal Government has secured £746 million to modernise the Apapa and Tin Can Island ports in Lagos, in a move aimed at boosting efficiency and competitiveness in Nigeria’s maritime sector.
Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this while declaring the Blue Economy Investment Summit 2026 open in Abuja. He said the project would significantly enhance the capacity and operational effectiveness of the ports.
The summit, organised by Maritime Innovations Hub in collaboration with the ministry, is themed “Shifting Gears: Heading to the Frontier of the Maritime Economy.”
Oyetola highlighted notable revenue growth in agencies under the ministry, stating that earnings increased from ₦700.79 billion in 2023 to about ₦1.83 trillion by the end of 2025. He attributed the rise to sustained reforms, improved regulatory oversight, digitalisation, and more efficient revenue collection systems.
He noted that the global blue economy—valued at over $3 trillion annually—presents a major opportunity for Nigeria, given its strategic location along the Gulf of Guinea, extensive inland waterways, and over 8,300 kilometres of coastline.
The minister also announced the launch of Nigeria’s first National Policy on Marine and Blue Economy, designed to provide a clear framework for investment and sector growth. He added that efforts are underway to revitalise the Regional Maritime Development Bank after more than 16 years of delay.
In her remarks, the CEO of the Maritime Innovations Hub, Ronke Kosoko, said the summit comes at a critical economic period, as Nigeria shifts toward a more private-sector-driven economy. She emphasised that while reforms are attracting investors, efficiency remains a key expectation.
Similarly, the Executive Secretary of the Nigerian Shippers’ Council, Pius Akutah, identified poor logistics and weak maritime connectivity as major barriers to Africa’s trade growth under the continental free trade framework.
Delta State Governor, Sheriff Oborevwori, represented by his deputy, said the state has established two committees to drive its blue economy agenda: a Steering Committee and a Technical Working Committee. These bodies are tasked with coordinating policies and developing implementation frameworks.
Also speaking, the CEO of APM Terminals Nigeria, Frederik Klinke, described the current period as a defining moment for Nigeria’s maritime sector, noting that the global industry is undergoing significant transformation.
He added that beyond digitalisation, the Nigerian government has continued to support export growth through strategic policies and institutional reforms.
