Nigeria Sits on $296bn Untapped Blue Economy Wealth – NPA Chairman
By, Exponent News Akure, 22nd August, 2025
Nigeria has an untapped fortune of about $296 billion hidden in its Blue Economy, a resource that could transform the nation’s economic fortunes if strategically harnessed, the Chairman of the Nigerian Ports Authority (NPA), Senator Adedayo Adeyeye, has revealed.
Adeyeye disclosed this while delivering the First Distinguished Public Lecture of the Centre for Blue Economy and Innovation at the Olusegun Agagu University of Science and Technology (OAUSTECH), Okitipupa, Ondo State, on Tuesday, 19th August, 2025.
Speaking on the theme, “Imperative of the Blue Economy in Driving Nigeria’s Economic Development”, the former lawmaker described the sector as a present opportunity capable of fast-tracking Nigeria’s prosperity through sustainable maritime practices, strategic investment, and effective governance.
According to him, Nigeria’s over 853km coastline, 200 nautical miles exclusive economic zone, navigable inland waterways, and rich marine biodiversity place the country in a vantage position to benefit from the global Blue Economy valued at $2.3 trillion annually.
He, however, lamented that the sector remained underdeveloped due to weak policy direction, poor infrastructure, insecurity in the Gulf of Guinea, piracy, overlapping regulatory roles, and inadequate manpower development.
Adeyeye lauded President Bola Ahmed Tinubu for establishing the Ministry of Marine and Blue Economy, describing it as an unprecedented initiative that could create massive employment, enhance food security, diversify the economy, and reduce overdependence on oil revenue.
He urged the Federal Government to build coastal infrastructure, establish dockyards and maritime technology hubs, deepen security architecture, and encourage international collaborations to unlock the wealth potentials of the ocean economy.
Also speaking, Ondo State Deputy Governor, Dr. Owolabi Olaide Adelami (represented by his Deputy Chief of Staff, Dr. Adekola Falodun), called on Nigerians to support the federal government’s efforts in maximizing the opportunities in the Blue Economy.
In the same vein, OAUSTECH Vice-Chancellor, Prof. Temi Ologunorisa, revealed that the institution had established a School of Maritime Transport and Logistics to produce the manpower needed to drive the sector. He further urged the Ondo State Government to create a Ministry of Blue Economy and Marine Resources to tap into the state’s coastal opportunities.
Earlier, Prof. Funmilola Agbebi, Director of OAUSTECH’s Centre for Blue Economy and Innovation, said the lecture provided a platform to examine how Nigeria could balance economic growth, collaboration, and environmental sustainability in harnessing its Blue resources.
The lecture attracted policy makers, traditional rulers, academics, captains of industry, maritime stakeholders, financial institutions, and students.
Source: Directorate of Information, Protocol and Public Relations
Date: 21st August, 2025
