Economy
Oyetola Markets Vast Opportunities in Marine, Blue Economy to Investors
By Adedapo Adesanya
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has called on international investors to seize the vast opportunities in Nigeria’s marine and blue economy, describing the sector as a gateway to Africa’s economic transformation.
The Minister made the call in London, United Kingdom, where he is participating in the ongoing London International Shipping Week (LISW) 2025, one of the world’s premier maritime gatherings.
Speaking at the Africa Maritime and Shipping Assembly, held at the headquarters of the International Maritime Organization (IMO) as part of the LISW last week, Mr Oyetola, represented by the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr Dayo Mobereola, urged investors to look beyond short-term gains and embrace the long-term benefits of investing in Nigeria’s fast-evolving maritime landscape.
Delivering a keynote address on the topic Navigating Regulatory Seas: Steering Africa’s Maritime Governance Towards Seamless Trade, he underlined Nigeria’s commitment to regulatory reforms, port modernisation, maritime security, and sustainable shipping practices as critical pillars that make the country an attractive investment destination.
“Our oceans and inland waterways are our lifeblood, our highways to prosperity, and the very arteries that will fuel the African Continental Free Trade Area,” Mr Oyetola said, stressing that Nigeria is committed to unlocking the full potential of its marine resources.
He noted that the government’s ambitious reforms are geared towards positioning the country as the maritime hub of West and Central Africa.
The Minister highlighted Nigeria’s significant progress in maritime security, citing the success of the Deep Blue Project, which has eliminated piracy in Nigerian waters and contributed to a sharp decline in incidents across the Gulf of Guinea.
He added that Nigeria has recorded three consecutive years without piracy attacks in its territorial waters, a feat that has earned commendations from the International Maritime Bureau.
“This is proof that Nigeria is a safe destination for maritime investments. Security of our seas is non-negotiable, and we are committed to sustaining these gains through technology-driven surveillance, strong legal frameworks such as the SPOMO Act, and regional collaboration,” he declared.
The Minister further pointed to Nigeria’s growing port infrastructure, with the landmark Lekki Deep Sea Port standing as a symbol of public-private partnership success. With its state-of-the-art facilities and capacity to berth the world’s largest vessels, Lekki Port is expected to serve as a vital transshipment hub for landlocked African nations.
“We are now actively collaborating to scale up transshipment operations for countries such as Chad, Niger and Burkina Faso, positioning Nigeria as the maritime hub of the sub-region,” he said.
The Minister also underscored the importance of sustainable growth, insisting that the blue economy must not only drive profit but also safeguard the environment.
He reaffirmed Nigeria’s commitment to green shipping practices, eco-friendly port infrastructure and climate-resilient coastal management strategies.
Beyond security and sustainability, Mr Oyetola stressed the urgency of regulatory harmonisation across Africa’s maritime sector. He noted that fragmented regulations and non-tariff barriers undermine the objectives of the African Continental Free Trade Area.
“It is a paradox that we seek to remove tariffs through AfCFTA while leaving non-tariff barriers, such as disparate port procedures and differing customs regulations, largely intact,” he said.
He called for accelerated implementation of continental instruments such as the Revised African Maritime Transport Charter to create a predictable and investor-friendly environment.
Mr Oyetola appealed to investors and African maritime stakeholders alike to harness the sector’s immense opportunities.
“The regulatory seas ahead may be turbulent, but with a clear vision, a firm resolve, and a spirit of collaboration, we can navigate them successfully. Let us commit to building an African maritime sector that is secure, sustainable, and seamlessly integrated. Let us turn our shared challenges into collective strengths,” he urged.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has emphasised the importance of non-interest finance in the economy and the nation’s capital market.
Speaking at the 7th African International Conference on Islamic Finance (AICIF) in Lagos recently, he said non-interest finance drives sustainable economic transformation and enhances market inclusion.
According to him, this was why the stock exchange created a special board for the sub-market segment to attract ethical investors.
“At NGX, our Non-Interest Finance Board represents more than a platform, it embodies our commitment to unlocking ethical capital, diversifying investment opportunities, and driving sustainable development.
“By leveraging innovation and strategic partnerships, we are creating pathways for inclusive growth and positioning Nigeria at the forefront of Islamic finance in Africa,” Mr Chiemeka stated at the event organised by The Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC).
Business Post reports that Nigeria’s non-interest capital market has recorded significant expansion in recent years, with sovereign Sukuk issuances at over N1.4 trillion for multiple projects nationwide.
It was gathered that the two-day AICIF attracted policymakers, regulators, development partners, and market participants, who explored policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.
Also speaking, the chairman of NGX Group Plc, Mr Umaru Kwairanga, said NGX’s Non-Interest Finance Board has become a central platform for expanding access to Sharia-compliant financial instruments and attracting investors seeking transparency, inclusivity, and sustainability.
“Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds. Our goal is to broaden market participation while channelling capital towards productive sectors of the economy,” he said.
On his part, the Vice President of Nigeria, Mr Kashim Shettima, represented by the Special Adviser to the President on Economic Matters, Mr Tope Fasua, described Islamic finance as a credible mechanism for fostering equitable prosperity and sustainable development, urging broader adoption across African economies.
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has backed the proposed 15 per cent fuel import tariff introduced by the President Bola Tinubu-led government.
According to NECA Director General, Mr Wale Smatt Oyerinde, the move will enhance local production of the commodity.
“We support the policy of a 15 per cent tariff on imported petroleum products — not on locally produced ones.
“If the 15 per cent tariff is the ‘punishment’ we must bear collectively for our recklessness in allowing our four refineries to collapse, then so be it,” he said when he was interviewed on Channels Television on Friday.
“Even developed nations like the US are introducing protectionist policies to protect their local industries. We don’t have much excuse not to do the same,” the NECA boss said.
Recall that President Tinubu had approved the 15 percent tariff increase in a letter sent to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, mandating its enforcement.
Critics have faulted the move, arguing it will lead to an increase in the landing cost of the product, with petrol and diesel expected to see further increment.
However, support for the programme has come from many quarters including energy businessman, Mr Femi Otedola, who backed move recently.
The NECA chief also believes the policy is a step in the right direction, adding that a similar actions should be extended to other areas.
“The president gave approval about two weeks ago, and the OPS has done its analysis. We’re also looking beyond petrol and diesel.
“To ramp up production in the manufacturing and real sectors, this kind of policy should extend there too. Why do we import things we can produce locally? It affects forex and other aspects of the economy,” Mr Oyerinde said.
“We’ve said that everything we can produce locally should attract import duties, provided we have made sufficient arrangements for local production to meet our needs. If we have to give businesses a one- or two-year moratorium to integrate backward, then fine, but let’s reduce the tendency to import,” he added.
By Adedapo Adesanya
Shell Nigeria Exploration and Production Company has given US-based Halliburton an integrated drilling contract to work on the oil major’s $2 billion shallow-water HI offshore gas project in Nigeria.
According to reports, the financial terms of the deal, awarded by Shell, were not disclosed.
Halliburton, based in Houston, said it will deploy remote operations and automated technologies for the work.
In October, Shell announced HI, located in Nigeria’s Oil Mining Licence (OML) 144. The UK major operates the HI project with a 40 per cent working interest alongside its local partner, Sunlink Energies and Resources, which owns a 60 per cent stake.
The project, when completed, will supply 350 million standard cubic feet (approximately 60 thousand barrels of oil equivalent) of gas per day at peak production to Nigeria LNG (NLNG; Shell interest 25.6 per cent), which produces and exports liquefied natural gas (LNG) to global markets.
According to a statement, production is expected to begin before the end of this decade.
At the time of the announcement, Mr Peter Costello, Shell’s Upstream President, said that “This Upstream project will help Shell grow our leading Integrated Gas portfolio, while supporting Nigeria’s plans to become a more significant player in the global LNG market.”
The gas will be sent to the delayed Train 7 of the Nigeria Liquefied Natural Gas (NLNG) plant, currently being built by a Saipem-led consortium.
The increase in feedstock to NLNG, via the Train 7 project that aims to expand the Bonny Island terminal’s production capacity, is in line with Shell’s plans to grow its global LNG volumes by an average of 4-5 per cent per year until 2030.
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