Nigerian senators and members of the House of Representatives have advocated for more financing for the Ministry of Marine and Blue Economy, emphasising the sector’s enormous potential to spur economic growth.
This request was made by the lawmakers on Tuesday during the ministry’s budget defence session.
The ministry’s operations in 2025 will be funded with 11 billion naira.
Speaking when he presented the estimates, former Osun State Governor Minister Gboyega Oyetola stated that the ministry needed the capital budget’s amount of investment to fulfil its ambitious goals and potential.
To provide clarity, he stated that three Ministry agencies—NPA, NIMASA, and NSC—are entirely self-funded and contribute a sizable amount to the Consolidated Revenue Fund.
He clarified that the Maritime Academy of Nigeria, Oron, and the National Inland Waterways Authority (NIWA) are supported by both internally generated revenue (IGR) and the Nigerian government budget.
However, lawmakers contended that the funding is insufficient to meet the sector’s obligations and fully realise its potential.
Senator Wasiu Eshinlokun, the chairman of the Senate Committee on Marine and Blue Economy, emphasised the significance of early budget preparations for 2026 and sufficient funding.
“There is tremendous promise in the marine and blue economy sectors. We need to start planning for the 2026 budget now to make sure the ministry can carry out its duty,” he said.
To establish Nigeria as a maritime economic hub in Africa, the lawmakers also emphasised important projects like the dredging of the Niger and Benue Rivers and the construction of coastal infrastructure.
They underlined that the nation would experience significant economic gains from increasing investment in the sector.
