Nigeria's underwhelming contribution of less than 15 percent to the regional maritime economy has triggered an urgent call for public-private partnerships to harness the country's massive N22.12 trillion blue economy potential.
Maritime Experts Reveal Untapped Potential
This pressing need dominated discussions at the Association of Maritime Journalists of Nigeria (AMJON) 2025 Yearly Conference and Awards held in Lagos. Dr Eugene Nweke, Head of Research at Sea Empowerment and Research Centre (SEREC), emphasized that the blue economy represents the sustainable use of ocean resources for economic growth, improved livelihoods and job creation.
Globally, this sector contributes over $2.5 trillion annually and supports more than 350 million jobs, making Nigeria's current performance particularly concerning given its extensive coastline and maritime resources.
Massive Economic Opportunities Identified
Dr Nweke highlighted several untapped value chains where Nigeria stands to gain significantly. The country faces a 2.1 million-tonne deficit in local fish production, leading to $1 billion in imports annually. He stressed that public-private synergy in aquaculture, cold-chain logistics and fish processing could bridge this gap while creating approximately 500,000 new jobs.
The research head also pointed to substantial benefits in port modernization. An integrated port automation and multimodal connectivity system handling the 70 million metric tonnes of cargo passing through Nigerian ports yearly could save the nation up to N3 trillion annually in trade costs.
Tourism presents another major opportunity, with only five percent of Nigeria's coastline currently harnessed. Developing marine leisure and cruise projects could yield about $3 billion yearly (approximately N4.13 trillion).
Strategic Pathways for Growth
Dr Nweke recommended establishing a National Blue Economy Council (NBEC) chaired by the Vice President and making PPPs the default approach for all marine infrastructure projects. He also advocated for enacting a Blue Economy Investment Code that integrates environmental, fiscal and industrial incentives.
Senator Wasiu Eshilokun, Chairman of the Senate Committee on Marine Transport, echoed these sentiments while emphasizing infrastructure development. He called for modernizing existing ports and developing new deep-sea ports to increase efficiency and handle larger cargo volumes.
The senator also stressed implementing sustainable fisheries practices, enhancing aquaculture production through modern technology and research, and supporting local content and youth participation to boost food security and livelihoods.
Successful examples from other African nations provide compelling evidence. Mauritius increased its blue economy GDP share from 10 percent in 2015 to 19 percent in 2022 through PPPs in fisheries and tourism, while Ghana's Takoradi Port PPP attracted $350 million in private capital, doubling throughput and cutting public costs by half.
