The Federal Ministry of Marine and Blue Economy has announced plans to seek fresh investment for Nigeria's maritime sector, unveiling a potential collaboration with Jaiz Bank Plc to finance critical infrastructure and unlock the vast potential of the nation's blue economy.
The partnership was disclosed during a meeting between ministry officials and Jaiz Bank management in Abuja. It is expected to channel new funding into maritime infrastructure, inland waterways transportation, fisheries, aquaculture, and other strategic sectors.
Permanent Secretary Mrs. Fatima Sugra Tabi'a Mahmood stated that the marine and blue economy is one of the country's most capital-intensive sectors, requiring substantial long-term financing for growth and modernization. She noted that the Ministry recently explored international funding opportunities, including assessing a £1 billion financing facility in the United Kingdom, highlighting the scale of investment needed.
Mahmood emphasized the Ministry's openness to partnerships with financial institutions capable of providing innovative funding solutions for large-scale projects. “The Marine and Blue Economy is a sector with enormous investment opportunities and large-ticket projects. Any partner that can bring value to the table will find us willing and ready to collaborate,” she said.
She identified inland waterways transportation as a key investment area, noting that water transport offers a cheaper alternative to road haulage, reducing logistics costs and easing pressure on Nigeria's road network. She also called for increased financing for fisheries and aquaculture projects to boost domestic fish production, strengthen food security, create jobs, and improve livelihoods in coastal and riverine communities.
Jaiz Bank pledged to deploy non-interest financing instruments to support the Federal Government's economic diversification agenda and accelerate investments in marine and blue economy projects. Managing Director Dr. Haruna Musa said the bank is prepared to finance strategic infrastructure projects, support contractors executing key maritime developments, and promote sustainable investments.
He also proposed technology-driven revenue monitoring systems, Public-Private Partnership financing models for major infrastructure projects, and financial inclusion programmes for civil servants. Both parties agreed to establish a Joint Technical Working Group to develop a framework for the proposed partnership.
The Ministry stated that the collaboration is expected to expand access to financing, boost indigenous participation in the maritime sector, increase investment inflows, and support the Federal Government's goals of economic diversification, job creation, and sustainable national development.
