Ronke Kosoko, the chief executive officer of Maritime Innovations Hub, says Nigeria’s blue economy can close the country’s “estimated $750 billion” gross domestic product gap — if backed by deliberate execution and investment.
Kosoko spoke on Monday at the blue economy investment summit media parley in Abuja.
The event was attended by Olusegun Dada, special assistant to the president on social media, as well as representatives of the National Inland Waterways Authority, Nigerian Maritime Administration and Safety Agency, the Nigerian Shippers’ Council and other ministries and government agencies.
Kosoko said the summit aligns with President Bola Tinubu’s vision to build a $1 trillion economy through investment mobilisation, innovation and strategic execution.
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In July, the National Bureau of Statistics (NBS) said Nigeria’s nominal GDP stood at N372.82 trillion as of 2024 following the rebasing exercise.
“To meet up with a $750 billion GDP gap in four years, we need to quadruple our execution level as a nation with our two legs on the ground, all hands on deck, both young and old,” she said.
“As part of President Bola Ahmed Tinubu’s vision of achieving a $1 trillion economy, investments mobilisation is and has been a key priority for Nigeria.
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“Also, innovators are very important to keep thinking outside of the nation’s endless constraints, but when purpose is not known, abuse becomes inevitable.”
Kosoko said the event was conceived as a movement rather than a conventional conference, stating that “talk is cheap, but execution is expensive”.
She said Nigeria’s maritime sector has failed to deliver its potential, noting that fewer than 100,000 jobs have been created in 15 years despite earlier projections of millions.
The CEO recalled that past industry platforms collapsed due to infighting, politics, and personal interests, leading to wasted time and lost opportunities.
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She lamented the loss of institutional knowledge as industry veterans died without transferring expertise to younger professionals.
‘OYETOLA’S ENGAGEMENT MARKS A DEPARTURE FROM THE PAST’
Kosoko said the current administration represents a departure from the past, citing the engagement style of Adegboyega Oyetola, minister of marine and blue economy.
She said Oyetola consistently listens to stakeholders and prioritises private sector participation in sector reforms.
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Kosoko said Nigeria’s return to category C at the International Maritime Organisation after 14 years signalled renewed global relevance.
She compared Nigeria’s economic trajectory with Indonesia’s, noting that the Asian nation grew its GDP from about $260 billion in 1997 to $1.396 trillion in 2024.
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“Indonesia achieved 5.5 times of Nigeria’s GDP in 2024 with $1.396 trillion so a $1 trillion GDP is actually possible with the rebased GDP in October 2024, showing that we are still at the Indonesia 1997 GDP level for a country with similar economic conditions and dynamics so the assignment is clear,” she said.
PORTS, COMPETITIVENESS AND LOST REVENUE
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Kosoko said coastal infrastructure projects such as the Lagos-Calabar and Sokoto-Badagry highways would unlock new marine ecosystems and investment opportunities.
She said Nigeria continues to lose billions of dollars to neighbouring ports due to inefficiencies and a lack of port modernisation, adding that the proposed summit would focus on reclaiming lost trans-shipment opportunities and improving port competitiveness.
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The CEO said the summit would convene policymakers, investors, and development partners to develop a national blue economy investment framework.
Kosoko insisted that Nigeria’s blue economy remains underdeveloped despite having over 850 kilometres of coastline and vast maritime resources.
She said the sector’s contribution to GDP remains below 3 percent due to infrastructure deficits, weak data and policy inconsistencies.
Kosoko said the summit would address port efficiency, shipbuilding, fisheries, tourism, financing, human capital development, and gender inclusion.
According to the CEO, the initiative aims to onboard at least one million young Nigerians into the blue economy over the next decade, noting that more than 36 state governments, federal agencies, investors, and international partners have been invited to the summit.
She said the expected outcomes include reduced logistics costs, job creation, and improved export competitiveness.
Kosoko said the summit would also establish a public-private blue economy council to drive post-event implementation, urging the government and the private sector to prioritise execution over politics.
“This is not about beautiful speeches or photo-ops, it is about execution,” she said.
SOCIAL MEDIA INFLUENCERS AS STRATEGIC PARTNERS
Speaking at the event, Olusegun, special assistant to the president on social media, says effective communication is critical to unlocking the potential of Nigeria’s marine and blue economy sector.
He said key messages in the sector must be clearly broken down and communicated in ways that resonate with young Nigerians.
According to him, innovative and engaging formats are necessary to align policy communication with the attention span of youths.
“Influencers should be treated as strategic partners rather than mere message amplifiers,” he said.
Olusegun said social media influencers are trusted voices with large audiences and “should be given creative freedom to tell stories in authentic ways”.
