Nigeria Allocates N149bn in 2026 Budget to Boost Blue Economy

The Nigerian Federal Government has earmarked N149.24 billion in the 2026 budget to enhance the blue economy, with N136.4 billion directed towards capital expenditure. The budget includes the construction of a local fish feed mill in each of Nigeria's six geopolitical zones, the establishment of a regional maritime development bank, and the dredging of inland waterways in various locations like Lokoja, Onitsha, and Calabar.

The Ministry of Maritime Affairs will receive allocations for projects such as solar panel installations, the development of fish terminals, and the procurement of safety equipment. Industry stakeholders like Gabriel Sanni of the Fisheries Cooperative Federation of Nigeria have commended the government's efforts but highlighted the need for cost reduction in the fishery sector.

Dr. Muda Yusuf, CEO of the Center for the Promotion of Public Enterprises, praised the budget allocation as a positive step towards strengthening Nigeria's fisheries sector and boosting the blue economy.