Improved Ports Driving Nigeria’s Trade Surplus Since 2024—Oyetola

The minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has attributed Nigeria’s sustained national trade surplus since 2024 to significant improvements in port operations, saying ongoing reforms are enhancing the country’s competitiveness and strengthening its position as West Africa’s leading maritime hub.

Speaking on Thursday at the Second Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy held at Eko Hotel and Suites, Victoria Island, Lagos, Oyetola said Nigeria had moved beyond policy formulation and must now focus on effective implementation capable of delivering measurable economic benefits.

The engagement, themed “From Policy to Action: Mobilising Sub-National Governments for Effective Implementation of Nigeria’s National Policy on Marine and Blue Economy,” brought together government officials, diplomats, development partners, industry leaders, academics and representatives of state governments.

Oyetola said stronger collaboration between the federal government, state governments, the private sector and development partners was essential to accelerate implementation of the National Policy on Marine and Blue Economy, describing sub-national participation as critical to unlocking the sector’s vast economic potential.

According to him, the policy provides a strategic framework for harnessing Nigeria’s oceans, inland waterways, fisheries and coastal resources, but its success depends on coordinated action across all levels of government.

He noted that many of Nigeria’s blue economy assets are located within states and communities, making sub-national governments indispensable partners in attracting investment, creating jobs, improving food security and promoting environmental sustainability.

The minister said reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda had strengthened stakeholder engagement, attracted investments, improved maritime safety and enhanced the competitiveness of Nigerian ports.

He cited the 2025 Container Port Performance Index by the World Bank and S&P Global Market Intelligence, which ranked Tin Can Island Port as the tenth most improved port globally and Lagos Port Complex, Apapa, as the twelfth most improved between 2020 and 2025.

Oyetola added that ongoing port modernisation and plans to develop new deep seaports in Akwa Ibom, Bayelsa, Cross River, Lagos and Ondo states would further consolidate Nigeria’s position as the preferred maritime hub in West Africa.

He said improved port efficiency had also contributed significantly to Nigeria recording a national trade surplus consistently since 2024.

On inland waterway safety, the minister said the ministry had intensified collaboration with relevant agencies and state governments, distributed life jackets nationwide and urged states to replace unsafe wooden passenger boats with modern fibre boats.

He also called on coastal states to align their development plans with the national policy while encouraging greater private investment in fisheries, aquaculture, maritime transport, tourism, shipbuilding, renewable energy and marine biotechnology.

Delivering the keynote address, Bayelsa State Governor, Senator Duoye Diri, commended President Tinubu for establishing the Federal Ministry of Marine and Blue Economy, describing the move as a strategic step towards diversifying Nigeria’s economy.

Diri said Bayelsa established its own Ministry of Marine and Blue Economy in June 2024 to drive the blue economy component of the state’s A-S-S-U-R-E-D Prosperity Agenda.

He disclosed that the state had commenced large-scale fish production at the Bayelsa Aquaculture Village in Yenegwe through an operational hatchery breeding high-quality catfish fingerlings and juveniles to boost food security and employment.

The governor also said Bayelsa had expanded its marine transport fleet and was aggressively pursuing the proposed Agge Deep Seaport project to serve as the next maritime gateway for the Niger Delta.

He outlined five pathways for coastal states to maximise blue economy opportunities, including establishing dedicated ministries, enacting enabling legislation, mapping and securing maritime domains, investing in credible data systems, and developing skills, innovation hubs, markets and logistics infrastructure.

In his presentation on private sector investment and industrialisation, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, represented by the Managing Director of Dangote Port Operations, Simeon Akin Omole, said sustained private sector participation would determine the success of the National Policy on Marine and Blue Economy.

He noted that the policy targets the creation of three million jobs within its first four years, annual sectoral growth of seven per cent and the reservation of at least 50 per cent of new jobs for young people between the ages of 18 and 35.

Dangote stressed that industrial transformation would require policy consistency, quality infrastructure, access to finance and investor confidence.

He identified infrastructure-led industrialisation, value-chain development and stronger public-private partnerships as the three pillars needed to unlock the sector’s enormous potential.

According to him, government approvals for major deep seaport projects across the country would stimulate industrial clusters covering agro-processing, petrochemicals, shipbuilding, cold-chain logistics and maritime technology, while improving Nigeria’s global competitiveness.

Dangote also described the fisheries value chain as a major investment opportunity, noting that despite rising domestic production, Nigeria still imports fish worth nearly one billion dollars annually because of a significant supply deficit.

He said investments in aquaculture, hatcheries, feed production, processing, cold-chain logistics and export infrastructure could reduce imports, conserve foreign exchange, create over 500,000 jobs and position Nigeria as a leading exporter of fisheries products.

He further emphasised that public-private partnerships should evolve beyond financing arrangements into strategic collaborations involving government, investors, research institutions and coastal communities to accelerate industrialisation and long-term economic growth.

Goodwill messages were delivered by the Deputy Governor of Akwa Ibom State, Senator (Dr.) Akon Eyakenyi, Chairman of the Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun, representatives of the governors of Ondo and Borno states, as well as private sector operators, all of whom pledged continued support for the successful implementation of Nigeria’s marine and blue economy.