World Maritime Day: Nigeria's Blue economy underfunded - NIMASA DG
...harps on increased private sector investment to unlock growth
By Seun Ibiyemi
The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has issued a strong call for greater private sector participation to unlock the vast, underfunded opportunities within Nigeria’s blue economy.
Speaking in Lagos on Thursday at the 2025 World Maritime Day celebration, themed “Our Ocean, Our Obligation, Our Opportunity,” Dr. Mobereola underscored the immense global and national importance of the oceans.
He noted that oceans cover 71% of the earth’s surface, support nearly three billion livelihoods worldwide, and are central to global trade, climate regulation, and biodiversity.
For Nigeria, the DG described the ocean as the “lifeblood of the nation,” serving as the gateway for over 80% of trade and holding a reservoir of immense biodiversity and resources.Dr. Mobereola emphasized that Nigeria’s core "obligation lies in ensuring environmental stewardship, maritime safety, and security."
He reaffirmed the nation’s commitment to tackling marine litter and plastic pollution through its Marine Litter and Plastic Action Plan, alongside pursuing a just transition toward net-zero greenhouse gas emissions.
He also highlighted the success of the Deep Blue Project, calling it a game changer in significantly improving maritime security within Nigerian waters and the wider Gulf of Guinea region.
Shifting focus to the economic potential, the NIMASA boss pointed to key opportunities in the blue economy, including fisheries, aquaculture, renewable energy, shipbuilding, tourism, and port infrastructure.
However, he lamented that the sector remains severely underfunded globally. He cited an annual financing gap of approximately $150 billion facing Sustainable Development Goal 14 (Life Below Water).
“Public funding alone will never be enough to close these gaps,” he asserted. “To scale up financing for ocean health and the sustainable blue economy, the private sector must get involved.
”To attract the necessary capital, Dr. Mobereola urged policymakers to establish supportive regulatory frameworks, incentive structures, and de-risking mechanisms.In concluding, the DG stressed the critical need for collective responsibility.
“We must view our ocean as a national trust to be sustainably managed. Government, industry, and communities all have roles to play. We are partners in progress,” he stated, reaffirming NIMASA’s commitment to implementing the frameworks of the International Maritime Organization (IMO) for ocean sustainability.