Port Reforms, $746m Modernisation Drive Nigeria’s $3tn Blue Economy Ambitions

…Connectivity gaps threaten AfCFTA gains, Shippers’ Council warns

​Nigeria’s maritime sector has entered a significant growth phase, with the federal government positioning the country to unlock an estimated $3 trillion blue economy potential.

Gboyega Oyetola, the Minister of Marine and Blue Economy, stated at the Blue Economy Investment Summit in Abuja that sustained security gains and comprehensive port reforms have successfully repositioned the industry for global competitiveness.

​The minister cited the elimination of piracy and the resolution of decades-long congestion at the Apapa port as pivotal milestones. Nigeria has recorded over four years without a piracy incident, a success Oyetola attributed to the implementation of the Deep Blue Programme. He noted that these achievements have restored predictability to the maritime domain, providing a stable foundation for deliberate economic reforms.

​Infrastructure investment and revenue growth

​To further expand capacity, the federal government has secured $746 million to modernise the Apapa and Tin Can Island ports. Implementation is expected to commence this quarter, with the upgrades intended to bring infrastructure in line with international standards. These capital injections coincide with a significant increase in fiscal performance within the sector.

​Agencies under the ministry reported a revenue surge from N700.79 billion in 2023 to approximately N1.83 trillion in 2025. Oyetola attributed this growth to improved transparency, automation, and tighter regulatory controls. Maritime activities currently account for more than 90 per cent of Nigeria’s trade volume, with increasing contributions to the national Gross Domestic Product (GDP).

​Enhancing local participation and connectivity

​The federal government has also approved the disbursement of the Cabotage Vessel Financing Fund to local shipowners. This move is expected to strengthen indigenous participation in shipping and create approximately 30,000 jobs.

Furthermore, Nigeria’s return to the Council of the International Maritime Organization after a 14-year absence signals renewed global confidence in the country’s maritime governance.

​However, industry stakeholders have expressed concerns regarding weak logistics and connectivity. Pius Akutah, Executive Secretary of the Nigerian Shippers’ Council, warned that inefficiencies in cargo movement continue to limit trade competitiveness. Akutah emphasised that despite an 800-kilometre coastline, poor integration across transport networks undermines Nigeria’s participation in the African Continental Free Trade Area (AfCFTA).

​Global perspectives and regional interests

​Frederik Klinke, Chief Executive Officer of APM Terminals Nigeria, acknowledged the impact of the National Single Window platform, which aims to reduce cargo clearance times to 48 hours. APM Terminals has invested over $600 million in port automation and renewable energy in Nigeria. Klinke called for sustained regulatory consistency and deeper port channels to enhance the nation’s standing amidst geopolitical trade disruptions.

​On a sub-national level, Monday Onyeme, Deputy Governor of Delta State, indicated that the state is leveraging its 163-kilometre coastline to attract investment in marine tourism and aquaculture. While investor interest remains high, Ronke Kosoko, Chief Executive Officer of the Maritime Innovation Hub, stressed the need for “speed and alignment” to eliminate bureaucratic delays that currently hinder the pace of development in the sector.