Oyetola seals bold deal to transform Nigeria’s Marine and Blue Economy

DDM News

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has signed a performance bond with agency heads.

The bond signals a renewed commitment to implementing the National Marine and Blue Economy Policy, Diaspora Digital Media (DDM) reports.

It was signed during a two-day retreat in Abuja for top ministry and agency officials.

Oyetola described the bond as a symbol of collective dedication to accountability and service excellence.

He reaffirmed his ministry’s commitment to fully implement the newly approved National Policy on Marine and Blue Economy.

He urged all top officials to embrace leadership, collaboration, and deliver measurable performance outcomes.

The minister emphasized the blue economy’s role in Nigeria’s economic growth under the Renewed Hope framework.

He said the ministry must act with urgency and discipline to drive the vision forward.

Oyetola called the retreat a moment for reflection, realignment, and setting a purposeful direction for the sector.

He described it as a chance to evaluate progress and reposition the sector for greater impact.

On the essence of the bond, he stressed practical, measurable goals must guide all agency efforts.

Agencies were tasked with increasing the sector’s GDP contribution and generating jobs within 12 to 24 months.

He also emphasized improving port throughput, compliance, and revenue generation from maritime activities.

Monitoring systems, he said, must be established to track progress quarterly.

He insisted reporting structures must be transparent and strengthened for greater accountability.

Oyetola urged all agencies to eliminate duplication and work as a unified ecosystem.

He called for technology and data to drive port operations and fisheries management.

He highlighted recent milestones including port modernization and the national single window platform implementation.

Improvements in port efficiency and maritime security were also acknowledged by the minister.

Progress in aquaculture and fisheries was cited as evidence of the sector’s transformation.

He announced the long-awaited disbursement process for the Cabotage Vessel Financing Fund (CVFF) has commenced.

This, he noted, would support indigenous shipping and economic inclusion in the maritime space.

The minister also hailed the Federal Executive Council’s approval of the national blue economy policy.

He described it as a strategic foundation for long-term transformation of the sector.

Nigeria’s bid for a Category C seat on the IMO Council was also mentioned.

Oyetola called the bid a key national objective requiring collective support and agency participation.

He urged agencies to project Nigeria’s readiness and leadership in global maritime affairs.

Permanent Secretary Olufemi Oloruntola described the retreat as a platform to address execution barriers.

He said the event aimed to strengthen inter-agency cooperation and clarify sector-specific action steps.

Performance bonds, he explained, will be tied to defined Key Performance Indicators (KPIs).

He emphasized the need for measurable and actionable targets aligned with national development goals.

The retreat marks a turning point for the marine and blue economy sector’s repositioning.

Stakeholders reaffirmed their commitment to building a vibrant, globally competitive maritime economy.

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