Abuja: The Federal Government has secured £746 million for the modernisation of the Apapa and Tin Can Island Ports in Lagos. The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, announced this initiative while opening the ‘Blue Economy Investment Summit 2026’. Oyetola stated that the project aims to significantly enhance the capacity, effectiveness, and competitiveness of the ports.
According to News Agency of Nigeria, the summit, held in Abuja, was organised by the Maritime Innovations Hub in collaboration with the Ministry of Marine and Blue Economy. The theme of the summit was ‘Shifting Gears: Heading to the Frontier of the Maritime Economy’. Oyetola highlighted the ministry’s success in improving revenue generation, noting a marked increase from N700.79 billion in 2023 to approximately N1.83 trillion by the end of 2025. This progress is attributed to reforms such as strengthened regulatory oversight, improved revenue collection mechanisms, and digitalisation of core processes.
Oyetola emphasised the importance of the summit, stating, “This summit comes at a defining moment in global dynamics, as nations grapple with conflicts while increasingly recognising the immense value of oceans and maritime resources.” He noted that the global blue economy, valued at over $3 trillion annually, drives trade, climate innovation, and sustainable development. Oyetola stressed Nigeria’s strategic position to leverage its marine economy, with over 8,300 kilometres of coastline, extensive inland waterways, and a location along the Gulf of Guinea.
Among the sector’s achievements, Oyetola mentioned the development and launch of a National Policy on Marine and Blue Economy, a framework that provides strategic priorities and investor confidence. Efforts are also underway to revitalise the Regional Maritime Development Bank after 16 years of delay.
Ronke Kosoko, CEO of Maritime Innovations Hub, highlighted the summit’s timing amid Nigeria’s shift towards a commercially driven and private-sector-led economy. She cited the President’s track record of transforming state revenue generation as indicative of the federal government’s policy reforms and fiscal initiatives.
Pius Akutah, Executive Secretary of Nigeria Shippers’ Council, pointed out that poor logistics and weak maritime connectivity are major obstacles to Africa’s trade ambitions under the continental free trade framework. He urged Nigeria and other African countries to strengthen transport systems to unlock economic potential and boost intra-African trade.
Delta State’s Governor, Sheriff Oborevwori, represented by Deputy Governor Monday Onyeme, announced the formation of two committees aimed at establishing a Ministry of Blue Economy at the state level. The Blue Economy Steering Committee and Technical Working Committee will guide policy implementation and develop frameworks for the initiative.
Frederik Klinke, CEO of APM Terminals Nigeria, remarked on the global transformation of the maritime industry. He noted that beyond digitalisation, the Nigerian government’s support for export growth is crucial for the blue economy’s resilience, competitiveness, and sustainable growth.