***Investors wary as delays, weak logistics undermine ambitions
Nigeria’s ambitious drive to tap into the $3 trillion global blue economy is facing serious credibility questions, as industry stakeholders warn that deep-rooted bureaucracy, weak maritime connectivity and implementation failures could derail the country’s aspirations.
At the Blue Economy Investment Summit in Abuja on Thursday, policymakers projected optimism, but beneath the rhetoric, a more troubling picture emerged — one of untapped potential constrained by systemic inefficiencies.
Minister of Marine and Blue Economy, Gboyega Oyetola, painted a bullish outlook, describing the sector as a major pathway for economic diversification and growth.
“The global blue economy, valued at over $3 trillion annually, is central to trade, employment and innovation,” he said, highlighting Nigeria’s 823-kilometre coastline and strategic location along the Gulf of Guinea.
He pointed to reforms such as the National Policy on Marine and Blue Economy, improved maritime security under the Deep Blue Project and Nigeria’s return to the International Maritime Organization (IMO) Council as evidence of progress.
Yet, for many stakeholders, these gains remain largely on paper.
Despite accounting for over 90 per cent of Nigeria’s international trade by volume, the maritime sector continues to grapple with chronic inefficiencies — from congested ports to slow cargo evacuation and overdependence on road transport.
Revenue growth from ₦700.79 billion in 2023 to ₦1.83 trillion in 2025, and increased fish production, were cited as successes. However, analysts argue that these figures mask deeper structural weaknesses that continue to deter large-scale investment.
Chief Executive Officer of APM Terminals, Fredrik Klinke, acknowledged Nigeria’s potential but stressed that opportunity alone is not enough.
“This is a defining moment,” he said, noting that the sector requires deliberate investment and sustained reforms to translate potential into reality.
The sharpest concerns came from within the system.
Executive Secretary of the Nigerian Shippers’ Council, Pius Akutah, warned that Africa’s trade ambitions under the African Continental Free Trade Area (AfCFTA) could collapse under the weight of poor maritime logistics.
“Cargo between African countries still goes through Europe or Asia due to weak connectivity,” he revealed — a costly inefficiency that continues to undermine regional trade.
Industry observers say this reflects a fundamental failure to build a functional intra-African shipping network, leaving Nigeria — despite its advantages — unable to serve as a true logistics hub.
Akutah also highlighted persistent congestion at ports, linking it to poor cargo evacuation systems and the absence of an effective multimodal transport framework.
“Without fast cargo movement, even the most modern ports will fail,” he warned.
But perhaps the most damning critique came from investors themselves.
Convener of the Maritime Innovations Hub, Ronke Kosoko, exposed the scale of bureaucratic inertia stalling the sector.
“Investors are ready. Capital is available. But the system is too slow,” she said.
According to her, approvals that should take months are delayed for up to two years, forcing investors to either abandon projects or redirect funds to more responsive markets.
Multiple investment opportunities across inland waterways and coastal corridors, she noted, remain stalled — not due to lack of interest, but because of administrative bottlenecks and poor coordination among government agencies.
Experts say this disconnect between policy ambition and execution is Nigeria’s biggest risk.
While the government has secured £746 million to upgrade key ports and rolled out policy frameworks, stakeholders insist that without institutional efficiency, such efforts will yield limited results.
There are also concerns about human capacity gaps, with warnings that failure to develop local expertise could lead to increased reliance on foreign labour, further diluting economic gains.
The message from Abuja was clear but unsettling: Nigeria’s blue economy strategy is long on promise but short on delivery.
Without urgent reforms to cut bureaucracy, strengthen connectivity and enforce accountability, the country risks missing out on a global economic shift already being seized by more agile competitors.
For now, the $3 trillion opportunity remains within reach — but slipping.
