Nigeria gets $1b cash to boost maritime start-ups

Nigeria has secured a $1 billion innovation fund to support start-ups operating in the marine and blue economy sector, as the country intensifies efforts to diversify its economy away from oil.

The Chief Executive Officer of the Maritime Innovations Hub, Mrs Ronke Kosoko, disclosed this at a media parley organised in collaboration with the Ministry of Marine and Blue Economy in Abuja yesterday.

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 ministries and agencies.

Kosoko said the fund would be officially unveiled at the Blue Economy Investment Summit scheduled for between March 9 and 11 in Lagos next year.

She added that international financiers are expected to meet President Bola Tinubu and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, during the summit.

According to her, 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,” she said.

She explained that this accounted for her sustained engagement with the ministry in recent months, adding that the process is nearing completion.

“They will be coming into the country in March 2026 to meet the Honourable Minister for Marine and Blue Economy, the CBN Governor and Mr President. They also plan to support start-ups in the sector with funding and international training, so the stage is set,” she added.

Kosoko stressed that global investors are driven by results, not politics.

“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.

She noted that Nigeria’s vast coastline and strategic position along major global shipping routes give it a natural advantage in the blue economy, which includes maritime transport, fisheries, coastal tourism, shipbuilding and ocean-based renewable energy.

However, she lamented that poor port infrastructure, policy bottlenecks and limited access to finance have continued to undermine growth, pushing shipping lines and investors to neighbouring countries.

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Kosoko disclosed that about 370,000 youths across the 36 states and the Federal Capital Territory would participate virtually in the March 2026 summit, alongside 28 governors and 37 serving senators.

“Three hundred and seventy thousand youths across the country will be connecting live to the President from their state capitals. We are working with the PBAT Media Centre on this demographic,” she said, adding that 10 governors were already represented at the Abuja parley.

She also decried Nigeria’s continued loss of billions of naira to countries such as Togo and Côte d’Ivoire, where many vessels now prefer to berth.

“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 said reclaiming these lost opportunities has become a major priority of the Technical Assistant to the Minister of Marine and Blue Economy, who will lead a dedicated session on the issue at the 2026 summit.

On his part, Dada, called for simpler and more accessible policies, urging government institutions to communicate initiatives in clear language that young people and the wider public can easily understand.

He stressed that effective communication is critical to ensuring broad participation and public trust in government-led economic reforms.