Nigeria unveils ₦10.5bn maritime budget, cites funding shortfalls

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has officially presented a budget proposal of ₦10,499,984,667.10 for the 2026 fiscal year to the National Assembly. While appearing before the joint committee, the Minister emphasized that while the allocation reflects the federal government’s commitment to the sector, the current funding remains "grossly inadequate" to drive the ambitious transformation required for Nigeria’s sprawling maritime landscape.

Oyetola highlighted that the ministry’s mandate covers critical areas of national infrastructure, including the modernisation of aging ports and the strategic enhancement of inland waterways. He specifically noted that key agencies such as the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) are currently facing severe operational constraints. These difficulties are largely attributed to excessive deductions at source by the Office of the Accountant-General of the Federation. These financial pressures, he argued, threaten the ability of these agencies to maintain technical efficiency and compete globally with other West African regional hubs.

The 2026 proposal is meticulously designed to prioritise port rehabilitation, maritime security, and the expansion of the "Blue Economy" as a primary vehicle to diversify Nigeria’s revenue streams away from crude oil. However, the Minister pointed out that the gap between the proposed budget and the actual financial requirements for major infrastructure projects remains wide. He urged the lawmakers to consider the strategic importance of the maritime sector as a primary engine for national economic growth, trade facilitation, and job creation for the youth.

Furthermore, Oyetola stressed that the ministry is focused on implementing the "Electronic Cargo Tracking System" and improving "Cargo Dwell Time" to boost the ease of doing business across all Nigerian terminals. Without a significant upward review of the budget or a move toward more flexible financial autonomy for its parastatals, the Minister warned that the pace of infrastructural progress might be severely hampered. The presentation concluded with a call for a more collaborative approach between the executive and the legislature to ensure that the maritime sector receives the necessary capital injection to fulfill its potential as a leading maritime hub in Africa.