Senators and House of Representatives members are calling for greater funding for the Ministry of Marine and Blue Economy, stressing its potential to drive Nigeria’s economic growth.
The plea came during a budget defense session on Tuesday, where the ministry’s proposed 2025 budget allocation of 11 billion naira was discussed.
Minister Gboyega Oyetola, who previously served as governor of Osun State, highlighted the necessity of substantial investment through the capital budget for the ministry to meet its goals.
He clarified that key agencies under the ministry, including the NPA, NIMASA, and NSC, are self-funded and contribute significantly to the country’s revenue.
Meanwhile, the National Inland Waterways Authority (NIWA) and Maritime Academy of Nigeria, Oron, rely on a combination of federal funding and internally generated revenue (IGR).
Despite this, lawmakers voiced concerns that the current budget allocation falls short of what is needed to unlock the full potential of the sector.
Senator Wasiu Eshinlokun, Chairman of the Senate Committee on Marine and Blue Economy, called for proactive planning for the 2026 budget to ensure the ministry’s mandate is fully realized.
They also pointed to key initiatives, such as dredging the Rivers Niger and Benue and improving coastal infrastructure, as vital projects to position Nigeria as a maritime business hub in Africa.
Increased investment in the sector, the lawmakers believe, will deliver significant economic benefits for the nation.