All is now set for a high-level strategic session to mobilize innovative finance to support projects and programs in the sustainable blue economy in Nigeria and across Africa. The session is expected to be held on the margins of the forthcoming Our Ocean Conference in Mombasa, Kenya. The session will bring together issuers, investors, regulators, and ecosystem partners to advance a credible pipeline of blue finance opportunities and chart a pathway for capital deployment at scale on the continent.
Speaking about the session, Dr Uche Igwe, Lead Consultant at Gadfly Consulting Limited, a blue economy firm, affirmed the urgency of engaging the private sector to catalyze ocean finance and mobilize investment into the sustainable blue economy.
According to him, it is no longer news that if we must achieve the ambitious agenda of the Nigerian government in the blue economy, we must go the extra mile to mobilize the resources needed. There are proposals to develop deep-sea ports in many states across the country to decongest the Lagos ports. These may involve the construction of modern infrastructure, terminal automation and digitization. Other sectors, like fisheries, need urgent attention. That Nigeria has such rich ocean endowments and yet imports $1.2 billion worth of fish annually is inexplicable. Aquaculture potential exists in many states. With rising fuel costs, transport through our inland waterways is now preferred, especially by many. Not to mention our vast tourism potential, which could be a source of foreign exchange, we are going to Mombasa to showcase our potential, demonstrate our leadership in maritime management in the Gulf of Guinea, and secure the partnerships needed to translate our ambitions into action”
Session co-host Titia Sjenitzer, Co-Executive Director of Blue Bond Accelerator, a global non-profit established to catalyse a high-integrity blue bond market and channel capital into regenerative and sustainable blue economies commended the prominence given to the blue economy in Nigeria’s policy agenda. She noted that this momentum creates a credible platform for mobilizing investments into sustainable port infrastructure, sustainable fisheries, marine tourism and coastal resilience, with tangible benefits for coastal communities and livelihoods. Reflecting on Nigeria’s potential, she noted that the global blue bond market remains nascent but is gaining momentum as governments and investors recognise the ocean economy as a strategic asset class. Among relevant sovereign precedents, Seychelles pioneered the world’s first sovereign blue bond in 2018, and Indonesia followed in 2023, establishing the asset class as a credible instrument for ocean finance. Africa holds significant untapped potential: its extensive coastlines, rich marine biodiversity, and growing pipeline of investable projects position the continent as a frontier market for blue capital. Nigeria is well placed to build on these precedents and help anchor blue bond issuance in Africa through a sovereign transaction. “Nigeria stands out as a natural anchor of the African continent. With one of Africa’s deepest domestic capital markets and a clear policy push on the blue economy, it has what many markets lack. This is precisely where the Blue Bond Accelerator can add value: by supporting issuers with the technical, structuring, and ecosystem expertise needed to bring credible, high-integrity blue bonds to market. Convening stakeholders as we intend to do in Mombasa is the best way to build a shared understanding and a common pathway forward”
The 11th Our Ocean Conference is to be held in Mombasa, Kenya is the first edition of the conference to be held on African soil and will spotlight ocean action and leadership across the continent, with particular attention on coastal communities.
With the theme “Our Ocean, Our Heritage, Our Future’’, the conference will focus on the essential role that the ocean plays in shaping culture, communities and livelihoods.
Recently, Nigeria’s Blue Economy Minister, Gbenga Oyetola confirmed that his ministry is keen on seeking new funding opportunities to support ongoing transformation efforts including raising funding through the capital market tied to specific maritime projects.
The 11th Our Ocean Conference will be held from the 16th to 18th of June and will invite governments, communities, innovators and businesses to move the global ocean agenda from dialogue to delivery, placing jobs, equity and ocean resilience at the centre of international cooperation. The conference will gather 1000 global leaders from 100 countries, as well as representatives from more than 400 international organizations.