FG seeks global investment to develop blue economy

By Folarin Kehinde The Federal Government is seeking increased access to international maritime investment, technical expertise and capacity-building opportunities to strengthen Nigeria’s participation in the global shipping industry and unlock the economic potential of its blue economy. Minister of Marine and Blue Economy, Adegboyega Oyetola, made the call while leading Nigeria’s delegation to the 138th session of the International Maritime Organisation (IMO) Council in London.

Oyetola, in a statement by his Special Adviser, Bolaji Akinola, said developing maritime countries must have access to technical expertise, institutional support and investment opportunities to compete effectively in the evolving global shipping industry. “Nigeria is committed to building a competitive and sustainable blue economy. We believe that developing maritime nations must have access to the technical expertise, institutional support and investment opportunities required to participate meaningfully in the evolving global shipping industry,” he said.

The minister’s intervention comes as the IMO Council reviews financial allocations for the 2026–2027 biennium and strategic priorities for 2028–2029, providing Nigeria an opportunity to push for increased technical cooperation and capacity-building support. He said such support was essential to strengthening maritime institutions, improving regulatory capacity and creating an enabling environment for investment in the shipping and wider maritime sectors.

Another major issue before the Council is the protection of vital international shipping routes, particularly amid growing security threats to commercial vessels in high-risk maritime zones. Under Agenda Item 11, member states are deliberating on measures to safeguard critical shipping lanes, an issue with implications for international trade, shipping costs and the movement of commercial vessels.

Nigeria is expected to leverage its experience in combating piracy and maritime crime in the Gulf of Guinea to advocate stronger international cooperation and coordinated security responses. Oyetola said Nigeria’s experience had demonstrated that sustained collaboration among coastal states, international organisations and maritime stakeholders was essential to addressing maritime insecurity.

“Our experience in the Gulf of Guinea has shown that maritime insecurity can be addressed through political commitment, effective coordination and cooperation among regional and international partners,” he said. The minister also stressed the need to protect seafarers, describing them as indispensable to global trade and international shipping. He said their safety, dignity and welfare must be guaranteed regardless of geopolitical tensions affecting the waters in which they operate.

“Seafarers are the lifeblood of international shipping. Their safety, dignity and welfare must never be compromised by geopolitical tensions. Nigeria supports stronger international measures to protect maritime workers and ensure that their rights are respected,” Oyetola said. The five-day meeting, which began on November 2 and ends on November 6, 2026, provides Nigeria an opportunity to contribute to international shipping policy discussions, attract development partnerships and advance the interests of developing maritime economies.