Abuja, Dec. 16, 2025 – Nigeria has secured a $1 billion innovation fund to support start-ups operating in the marine and blue economy sector, marking a major step in the country’s efforts to diversify its economy beyond oil.
The announcement was made by Mrs Ronke Kosoko, Chief Executive Officer of the Maritime Innovations Hub, at a media briefing held in collaboration with the Ministry of Marine and Blue Economy in Abuja on Monday.
The event was attended by the Special Adviser to the President on Social Media, Olusegun Dada, alongside representatives of the National Inland Waterways Authority (NIWA), the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Shippers’ Council, and other relevant agencies.
Kosoko said the fund would be officially unveiled at the Blue Economy Investment Summit, scheduled for March 9–11, 2026, in Lagos, where international financiers are expected to meet President Bola Tinubu and Central Bank Governor Olayemi Cardoso.
She explained that the $1 billion fund builds on Nigeria’s earlier success in securing a $100 million training bid for capacity development in the maritime sector.
“When the $100 million offer came, I wasn’t looking for it. People trust us globally because of our track record. While that was being processed, the $1 billion offer came, and we had to return to the Presidency again,” Kosoko said.
The CEO added that international investors are results-driven and uninterested in domestic political issues.
“People and organisations have money in billions of euros and dollars, but they are not interested in our dirty politicking and games. They are interested in the task to be achieved. Once we are ready, the funds will flow in,” she said.
Kosoko highlighted Nigeria’s strategic coastline and location along major global shipping routes as key advantages in the blue economy, which encompasses maritime transport, fisheries, coastal tourism, shipbuilding, and ocean-based renewable energy.
However, she noted that poor port infrastructure, policy bottlenecks, and limited access to finance have hindered growth, driving shipping lines and investors to neighbouring countries.
“Nigeria is losing billions to Lomé and Côte d’Ivoire. Those countries studied our weaknesses and built businesses around Nigeria’s failure. Shipping lines moved there, while Nigeria is left with trans-shipment and smuggling,” she said.
Kosoko disclosed that approximately 370,000 youths across the 36 states and the Federal Capital Territory will participate virtually in the March 2026 summit, alongside 28 governors and 37 serving senators.
She added that 10 governors were already represented at the Abuja briefing and that a dedicated session would focus on reclaiming opportunities lost to neighbouring ports.
Speaking at the event, Olusegun Dada called for simpler, more accessible policies and urged government institutions to communicate initiatives in clear, understandable language to ensure broad public participation and trust.
Emma Tochi ✔
Godwin Okafor is the Publisher & CEO of Naija247news Media Group LLC, an independent investigative news platform delivering accurate, data-driven reporting on Nigerian and global politics, economy, finance, and business. Founded in October 2010, Naija247news specializes in developmental journalism, providing timely insights and analysis to readers across Nigeria and the diaspora.
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