• Fund will support start-ups in maritime and blue economy sectors
• Launch planned at Lagos blue economy investment summit in March 2026
• Initiative supports Nigeria’s strategy to diversify away from oil

Nigeria will launch a $1 billion fund in March 2026 to support start-ups operating in the blue economy and maritime sectors. The announcement was made on Sunday, December 14, 2025, in Abuja by Ronke Kosoko, chief executive officer of the Maritime Innovations Hub, during a press conference held alongside the Blue Economy Investment Summit.

The fund will be officially unveiled at the Blue Economy Investment Summit scheduled to take place in Lagos from March 9 to 11, 2026. It will target start-ups active in several segments of the maritime sector, including shipping, fisheries, coastal tourism, shipbuilding, and marine renewable energy.

According to Ronke Kosoko, the objective is to provide direct financing to start-ups while strengthening their technical and managerial capacity. The fund will also include training programs, technical assistance, and access to international networks. It builds on a previous $100 million financing secured by Nigeria for training and capacity building in the maritime sector. Kosoko said discussions with financial partners are nearing completion, and fund representatives are expected to return to Nigeria soon to finalize commitments.

Blue economy central to diversification strategy

The initiative comes as Nigeria seeks to diversify its economy and reduce its dependence on oil revenues. The blue economy has been identified by the federal government as a priority sector for long-term growth.

Nigeria has one of the longest coastlines in West Africa, stretching more than 850 km, and occupies a strategic position along major international shipping routes. Despite these advantages, the sector contributes less than 3% to gross domestic product, according to Ronke Kosoko.

This limited contribution is attributed to several structural constraints, including insufficient port infrastructure, limited availability of reliable economic data, and a regulatory environment that is sometimes unstable. These factors have slowed the development of maritime activities and discouraged private investment.

According to Kosoko, structured financial support could allow the blue economy to help close part of Nigeria’s estimated $750 billion GDP gap. Authorities believe targeted investments could help transform informal activities into structured businesses that generate jobs and tax revenue.

Signal to international investors

By combining capital, training, and international exposure, the fund aims to address key constraints affecting the maritime and blue economy sectors. Project promoters say a more structured local ecosystem will make it easier for investment funds and industrial partners to enter the Nigerian market.

The announcement follows Nigeria’s return to the council of the International Maritime Organization after 14 years. In late November 2025, the country was elected to the IMO Council for the 2026 term under Category C, which includes states with specific interests in maritime transport.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, described the election as recognition of reforms undertaken and security efforts in the Gulf of Guinea. He said the return is expected to strengthen international partnerships, improve access to technical assistance, and boost investor confidence in Nigeria’s maritime sector.

Chamberline Moko