Citibank Eyes Nigeria’s Blue Economy Opportunities As Oyetola Woos Global Investors
The Federal Government has reiterated its commitment to attracting global investments into Nigeria’s marine and blue economy sector, as the Minister of Marine and Blue Economy, Adegboyega Oyetola, engaged a delegation from Citibank on opportunities in the sector.
Oyetola, during a courtesy visit by the Citibank delegation led by the bank’s Sub-Cluster and Banking Head for Sub-Saharan Africa, Akin Dawodu, and Managing Director of Citibank Nigeria, Nneka Enwereji, said Nigeria remained open to strategic partnerships that would unlock the economic potential of its maritime resources.
The meeting was held at the headquarters of the Federal Ministry of Marine and Blue Economy in Abuja.
The minister said the administration of President Bola Ahmed Tinubu was implementing reforms aimed at transforming the marine sector into a major driver of economic diversification, job creation and sustainable growth.
He highlighted Nigeria’s maritime assets, including its 853-kilometre coastline, more than 10,000 kilometres of inland waterways and a 200-nautical-mile Exclusive Economic Zone (EEZ), as areas with significant investment potential.
Oyetola disclosed that the Federal Government had commenced steps to modernise port infrastructure, with rehabilitation contracts awarded for the Eastern Ports in Port Harcourt, Warri and Calabar, while upgrades continued at the Western Ports of Apapa and Tin Can Island.
He also revealed that efforts were ongoing to facilitate the development of at least six deep-sea port projects, including Badagry, Ondo, Ibom and Bonny, through Public-Private Partnerships (PPPs).
According to him, the Federal Government would provide the necessary regulatory and licensing framework, while sub-national governments would play key roles in driving commercial investments.
Beyond port development, Oyetola identified fisheries, aquaculture, maritime security and related value chains as critical areas requiring increased investment.
He said Nigeria currently produces about 1.4 million metric tonnes of fish annually, leaving a supply gap of approximately 1.83 million metric tonnes, which presents opportunities for investors in aquaculture, fish processing, cold-chain logistics and export-oriented production.
The minister further urged Citibank to explore innovative financing options that could support maritime security initiatives, including the expansion of surveillance capabilities and other critical security infrastructure.
He noted that the success of the Deep Blue Project had helped sustain piracy-free waters in Nigeria’s maritime domain for nearly four years, contributing to the country’s recent election into Category C of the Council of the International Maritime Organization (IMO).
Responding, Dawodu commended the ministry’s reform agenda and expressed Citibank’s readiness to support investment opportunities emerging within Nigeria’s marine and blue economy sector.
The delegation also indicated its willingness to strengthen collaboration with the Nigerian Maritime Administration and Safety Agency (NIMASA) on capital-intensive maritime projects, following recent engagements with global maritime stakeholders.
The ministry said the meeting reinforced the Federal Government’s ambition to position Nigeria as a leading destination for sustainable maritime investment and a hub for blue economy development in Africa.
