2025 Budget Will Enhance Investment In Marine Economy – Oyetola

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has said the Ministry’s 2025 budget would enhance investments in the sector.

Oyetola stated this during a review of the Ministry’s 2025 budget with agencies and departments under the ministry.

He charged agencies and departments to align and prioritize their 2025 budget proposals to ensure massive and impactful development in line with the pillars of the National Policy on Marine and Blue Economy and the 2021-2025 National Development Plan.

Naijaonpoint reports that according to a statement by the Ministry’s spokesperson, Anastasia Ogbonna; the Minister expressed optimism that the budget proposals would further consolidate the plan of the Ministry to develop Nigeria’s marine and blue economy potentials.

He urged the agencies to demonstrate transparency, fiscal prudence, and strategic prioritization.

“Our fiscal strategy must reflect the ambitions outlined in our policy framework. We are tasked with ensuring that every naira allocated delivers a measurable impact,” he said.

The former governor of Osun State explained that the Ministry’s budget would help the country’s economic growth.

“I hope that the 2025 budget will not only provide for the immediate needs of this Ministry/Agencies but will serve as a catalyst for sustainable marine resource management and long-term national economic growth,” he stated.

According to him, the marine and blue economy sector holds unparalleled potential for national development as it provides a sustainable platform for economic growth, job creation and environmental stewardship, adding that attaining these, aligns with the key priority areas of the Renewed Hope Agenda of President Bola Tinubu.

Oyetola advocated that resources should be channeled towards strengthening the maritime domain through investments in surveillance systems, operations and enforcement of maritime laws.

The former governor highlighted the need to enhance capacity in aquaculture, fishing ports and curbing illegal and unregulated fishing activities in the sector.

Other priority areas such as promoting oceanographic research, stock assessment, renewable marine energy and climate resilience technologies; he said should equally be on the front burner of the agencies.

On the draft National Policy on Marine and Blue Economy, the Minister explained that the policy was not just a document, but a roadmap that would guide collective efforts towards the sustainable management of marine resources, climate adaptation, technological innovation and enhanced governance in the sector.

“This policy embodies our commitment to international best practices and sustainable development goals, particularly SDG 14, which emphasizes the sustainable use of oceans, seas and marine resources,” he added.