Efforts to attract alternative sources of funding into Nigeria’s marine and blue economy received a boost as the Ministry of Marine and Blue Economy and Jaiz Bank has initiated talks on a strategic partnership aimed at financing critical maritime projects and driving economic diversification.
The collaboration, which will focus on expanding access to non-interest financing, is expected to support infrastructure development, inland waterways transportation, fisheries, aquaculture and other investment opportunities within the sector.
Speaking during a meeting with a delegation from Jaiz Bank on Thursday in Abuja, the Permanent Secretary of the Ministry, Mrs. Fatima Tabi’a Mahmood, said unlocking the vast potential of the marine and blue economy would require substantial long-term investments and innovative financing mechanisms.
According to her, the sector presents enormous opportunities for investors willing to support large-scale projects capable of transforming the nation’s economy.
“The Marine and Blue Economy is a sector with enormous investment opportunities and large-ticket projects. Any partner that can bring value to the table will find us willing and ready to collaborate as we work to expand, explore, and maximize the sector’s contribution to national development,” she stated.
Mahmood noted that the Ministry had continued to explore international funding opportunities, including the assessment of a £1 billion financing facility in the United Kingdom, as part of efforts to bridge the infrastructure funding gap in the maritime sector.
She identified inland waterways transportation as one of the most promising areas for investment, stressing that greater reliance on water transport could significantly reduce logistics costs and lessen pressure on Nigeria’s road network.
The Permanent Secretary also highlighted the need for increased investment in fisheries and aquaculture to improve food security, create jobs and boost economic activities in coastal and riverine communities.
In addition, she called for partnerships in affordable housing and property development initiatives targeted at civil servants.
Earlier, Managing Director of Jaiz Bank Plc, Dr. Haruna Musa, said the bank was prepared to deploy its non-interest banking model to support the Federal Government’s drive for economic diversification and sustainable growth.
He disclosed that the bank was ready to finance strategic projects in the marine and blue economy, support contractors handling critical infrastructure projects and promote sustainable investments across the sector.
Musa also proposed technology-based revenue monitoring systems, Public-Private Partnership financing arrangements and financial literacy programmes to enhance efficiency and improve the welfare of workers.
Both parties agreed to establish a Joint Technical Working Group to develop a roadmap for implementing the proposed partnership.
