Oyetola Parleys World Bank Group over Marine and Blue Economy Development

Oyetola Parleys World Bank Group over Marine and Blue Economy Development

L-R: Permanent Secretary, Federal Ministry of Marine and Blue Economy, Mr. Olufemi Oloruntola; Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, CON and Leader, World Bank team on Marine and Blue Economy, Mrs. Gladys Fajomu, when the team visited the Minister in his office in Abuja, recently.

The Federal Ministry of Marine and Blue Economy under the watchful eyes of the Honourable Minister, His Excellency Adegboyega Oyetola, CON, has continued to project policy measures targeted at promoting the development of the sector, as he reaffirmed Nigeria’s readiness to fully harness the vast potential of its marine and blue economy, describing the sector as a catalyst for sustainable national economic growth.

According to a press statement signed by Dr. Bolaji Akinola, SA on Media and Communications for the ministry, the Minister made the disclosure when he received a visiting World Bank delegation led by Mrs. Gladys Fajomu at the Ministry’s headquarters in Abuja, as he further said that Nigeria is “on the right path to unlocking the immense economic opportunities of its oceans, seas, rivers, and coastal resources,” following the recent approval of these National Policy on Marine and Blue Economy by the Federal Executive Council.

Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, CON (4th from left); Leader, World Bank team on Marine and Blue Economy, Mrs. Gladys Fajomu (4th from right); Permanent Secretary, Federal Ministry of Marine and Blue Economy, Mr. Olufemi Oloruntola (3rd from left) and others when the World Bank team visited the Minister in his office in Abuja, recently.

“This policy is historic,” Oyetola stated. “It is the first of its kind, and it provides a comprehensive framework for sustainable exploitation, conservation, and governance of our marine and coastal assets. It will drive wealth creation, generate jobs, enhance food security, and position Nigeria as a leader in Africa’s emerging blue economy space. Our goal is not just to explore the waters, but to manage them responsibly, ensuring that the benefits extend to every Nigerian, now and for generations to come.”

On food security, the Minister highlighted key focus area, as he revealed that his led Ministry is implementing targeted programmes to drastically reduce Nigeria’s dependence on fish importation.

“We cannot continue to import what we have the capacity to produce locally,” he said. “We are aggressively boosting local fish production by supporting aquaculture development, improving artisanal fishing methods, and expanding fish farming clusters across the country. This will not only save our foreign exchange but will create thousands of jobs for our people, especially in coastal and riverine communities.”

Furthermore, Oyetola also pledged to increase youth and women participation in the sector, noting that inclusive growth is essential to the success of the policy.

“We are designing initiatives that will give our young people and women the tools, skills, and access they need to play leading roles in the marine economy. This is not just about economic growth; it’s about social empowerment and equitable development.”

Meanwhile in her remarks, Mrs. Gladys Fajomu, the leader of the World Bank team that included Ms. Yolanda Monteo and Dr. Felicia Mogo, commended the Minister for his leadership and for the bold steps Nigeria is taking in the sector.

She assured that the Bretton Woods institution would continue to support Nigeria’s marine and blue economy ambitions through technical assistance, capacity building, and financing options for strategic projects.

The visiting delegation also held focus group discussions with senior officials of the Ministry to identify priority areas for collaboration, particularly in policy implementation, infrastructure development, and private sector engagement.

With the new policy framework, international backing, and clear ministerial priorities, Nigeria’s marine and blue economy is set for a transformative leap — promising to boost economic diversification, enhance environmental stewardship, and deliver tangible benefits to millions of Nigerians.