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2024 Nigeria’s Blue Economy  Outlook & Potentials

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Moses Braimah
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By Moses Braimah

The 2024 budget for the Federal Ministry of Marine and Blue Economy focuses on key areas such as ports infrastructural development, modernization of Apapa and Tin Can ports, rehabilitation of Eastern ports, dredging inland and coastal waterways, and building human capacity.

The Minister during his budget defence, emphasizes the importance of effective technical and economic regulation to strengthen Nigeria’s Blue Economy.

Projections for the Blue Economy in 2024 could include anticipated improvements in port infrastructure, increased maritime administration efficiency, growth in human capacity, and positive impacts on economic regulation. These initiatives may attract more ships to Nigerian ports, improve port clearance processes, and contribute to the overall economic growth and GDP of the country.

However, for each specific initiative, potential challenges, and the monitoring of progress throughout the year are important.  Additionally, external factors such as global economic conditions and environmental changes should be taken into account.

Briefly, let’s take a look at each.

 

  1. Security and Innovation

– A further reduction in piracy incidents through continued collaboration between NIMASA and the Nigerian Navy.

–  Expect ongoing investments in maritime safety technologies, potentially leading to a significant improvement in overall security.

 

  1. Port Operations

– Positive impact from the commissioning of Lekki Deep seaport on overall port efficiency.

– Increased competition leading to enhanced operations at Apapa and Tin-Can ports.

 

  1. Infrastructure Rehabilitation

– Implementation of major port rehabilitation projects, including Apapa and Tin-Can, with a focus on modernization.

– Budget allocation contributing to improved port facilities.

 

  1. CVFF Disbursement

– Monitoring progress in CVFF disbursement to indigenous ship owners.

– Assessing the impact on the maritime sector and job creation.

 

  1. Blue Economy Potential

– Development of the fishing industry, harnessing wind and renewable energy.

– Exploration of untapped blue economy potential, estimated at $296 billion.

– Job creation, improved food security, and economic growth expected.

 

  1. Single Window Platform

– Push for the establishment of a single window platform to streamline port processes.

– Reduction of fees and enhanced efficiency in cargo clearance for import and export.

 

  1. Cabotage Act Administration

– Strategic administration of waivers under the Cabotage Act to empower Nigerian shipowners.

– Ensuring the intended impact of the Cabotage Act is realized.

 

  1. Illegal Fishing Regulation

– Curtailing illegal fishing activities through effective regulation and punitive measures.

– Safeguarding Nigeria’s marine resources for sustained economic gains.

 

  1. Blue Economy Exploitation

– Focus on maximizing opportunities in fishery, wind energy, and renewable energy.

– Job creation, economic growth, and exploration of the $296 billion untapped potential.

 

  1. 10. Tourism and Ship Repair Industry

– Collaboration with the Ministry of Tourism for coastal tourism promotion.

– Consideration of the ship repair industry’s potential for economic self-sufficiency.

 

  1. Capacity Building

– Emphasis on capacity building initiatives to enhance skills within the maritime sector.

– Training programs to meet evolving industry demands.

 

  1. Baseline Studies and Centralized Data Agency

– Initiation of baseline studies for comprehensive understanding of blue economy dynamics.

– Establishment of a centralized Centre/Agency focusing on data, statistics, and research for the sector.

Note. The success of this outlook relies on continuous monitoring, adaptive strategies, and the Ministry’s commitment to fostering innovation, strengthening regulations, and promoting sustainable practices within the Blue Economy.

  • Braimah is the Executive Project Director of Pacific Messages

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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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UK Appoints Peter Vowles as British High Commissioner to Nigeria

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The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.

Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.

He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.

Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.

Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”


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Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

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World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.

The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.

According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.

The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.

He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.

“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.

The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.

It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.

The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.

Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.

It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.

The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.


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PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

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As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.

These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”

PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.

Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.

“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”

The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.

For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.


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