The Nigerian Exchange Group (NGX) has urged the Federal Ministry of Marine and Blue Economy and private sector players in the maritime space to embrace blue bond financing as a viable mechanism to mobilize capital for sustainable growth and infrastructure development in the industry.
Speaking at the 3rd Citizens and Stakeholders Meeting in Lagos on Thursday, Chief Executive Officer of NGX, Mr. Jude Chukwu Emeka, said the capital market offers a ready-made platform for raising funds to tackle the pressing challenges of the marine and blue economy.
Emeka explained that the exchange currently hosts 321 listed securities, including equities, fixed-income instruments, corporate bonds, and green bonds. He stressed that the blue bond, a sustainability-linked financial instrument targeted at financing ocean-related projects, would open opportunities for both government and corporates in the sector.
The NGX boss emphasized that by issuing blue bonds, Nigeria could unlock existing pools of capital, attract international investors, and finance critical projects such as fisheries, port modernization, coastal protection, renewable marine energy, and maritime infrastructure.
He pointed to the example of Seychelles, which issued a $15 billion blue bond to finance fisheries and marine infrastructure, noting that Nigeria has the market size and investor appetite to replicate such success.
Emeka also assured that the NGX, in collaboration with partners such as the International Finance Corporation (IFC), would provide capacity building, technical support, and investor sensitization to guide both the Ministry and private operators in navigating the process of issuance.
“From a capital mobilization perspective, the blue bond is what we are recommending for the ministry to consider. Nigeria’s pension fund industry has over ₦24.6 trillion in assets under management, with at least 5% allocated to sustainability-linked investments like green and blue bonds. The money is there, but there are not enough instruments. Each time the government issues green bonds, they are oversubscribed.” he said.
On his part, the Permanent Secretary of the Ministry of Marine and Blue Economy, Mr. Olufemi Oloruntola in his paper presentation explained that while private sector funding and partnerships remain central to the ministry’s strategy, government investment is needed to de-risk private participation, strengthen institutions, and provide catalytic finance in areas where social benefits outweigh immediate commercial returns.
Olorunfemi identified four priority areas where public financing is indispensable stressing that public financing is crucial for de-risking private investments, strengthening regulatory frameworks, funding high-impact social projects, and aligning investments with national priorities like food security, energy transition, job creation, and climate resilience.
The Permanent Secretary stressed that the ministry’s current allocations from the national budget are grossly inadequate when compared to the vast responsibilities of modernizing ports, securing inland waterways, growing aquaculture, and developing renewable marine resources. “Public investment is not charity. It is safe capital and a policy signal that converts vision into reality. Without it, policy remains rhetoric and the marine and blue economy will remain underdeveloped, underfinanced and underutilized,” he said.
On financing options, Oloruntola recommended a blended approach combining national budgetary allocation, public-private partnerships, blue and green bonds, development partner funding, and community cooperative financing. He warned that delaying investment in the sector would entrench Nigeria’s over-reliance on oil, expose coastal communities to deeper poverty and climate risks, and allow neighboring nations to outpace Nigeria in regional competitiveness.
He urged the National Assembly to prioritize the marine and blue economy in national planning, describing it as an immediate opportunity for economic diversification, job creation and national resilience rather than a distant promise. “Policy without finance will remain rhetoric. To move from policy to impact, we must step up our approach to innovative financing mechanisms, stronger partnerships, and deliberate efforts to attract private sector investments,” Oloruntola stated.
