Mkpoikana Udoma
Port Harcourt — Nigeria is setting ambitious sights on leveraging its marine and blue economy to drive trade, food security, and economic diversification, as the Ministry of Marine and Blue Economy presented its 2026 budget to the Senate.
The sector, which handles over 90 percent of Nigeria’s international trade, remains underfunded despite its strategic importance.
Speaking before senators, Adegboyega Oyetola, Minister of Marine and Blue Economy, emphasised that the Ministry’s agencies oversee ports, shipping, inland waterways, fisheries, and aquaculture, critical pillars for economic competitiveness.
“Our inland waterways are three to five times cheaper than road transport, yet over 80 percent of freight still moves by road. We must change this to unlock efficiency and cost savings for Nigeria’s economy,” Oyetola said.
Budget Seeks to Bridge Funding Gaps
The 2026 budget allocates N8.239 billion for capital expenditure, N453.856 million for overheads, and N1.807 billion for personnel costs, bringing the total to N10.499 billion.
This marks a significant increase from 2025, when only N202.47 million, about 1.7 percent of the revised N3.53 billion capital budget, was released due to funding constraints, not lack of execution capacity.
Oyetola noted that the Ministry is engaging with the Federal Ministry of Budget and Economic Planning to ensure that allocated resources are fully utilised. “We are committed to executing critical projects that diversify the economy through the Marine and Blue Economy sector,” he added.
Fisheries and Aquaculture: Food Security Imperative
A key focus of the budget is domestic fish production. National demand exceeds 3.6 million metric tonnes, while domestic output is about 1.4 million metric tonnes, sustaining over $1 billion in annual imports.
The Minister stressed that expanding local fisheries and aquaculture is essential for food security, nutrition, and conserving foreign exchange.
“This budget is about building infrastructure, boosting local production, and unlocking the maritime economy’s full potential. The Marine and Blue Economy is not just about trade; it is about jobs, investment, and national prosperity,” Oyetola said.
Unlocking Inland Waterways and Trade Potential
Beyond fisheries, the Ministry is prioritising inland waterways as a cost-effective alternative to road transport. Studies show that inland water transport is three to five times cheaper than roads, yet its utilisation remains limited.
“We are targeting a shift in freight movement from road to waterways, reducing logistics costs for businesses and improving overall trade efficiency,” the Minister explained.
As Nigeria navigates economic diversification, the 2026 budget reflects a strategic effort to harness maritime assets, fisheries, and aquaculture, turning the country’s vast marine resources into sustainable growth drivers.
