The Federal Government has unveiled the Nigerian Maritime Administration and Safety Agency (NIMASA) Blue Economy Accelerator Programme (NIMASA-BEAP) as part of efforts to develop innovative businesses and unlock the vast economic opportunities in Nigeria’s maritime and blue economy.
The programme was formally launched on Wednesday in Lagos at a high-level interactive session involving the organised private sector, development finance institutions (DFIs), Maritime Stakeholders, relevant Ministries, Departments and Agencies (MDAs).
Speaking at the event, the Minister of Marine and Blue Economy, Adegboyega Oyetola, called on banks, DFIs, maritime operators and government agencies to support emerging blue economy businesses through funding, mentorship, investment and opportunities to test their solutions.
Represented by the Director of Marine Conservation, Innovation and Technology, Hussaini Shettima, Oyetola urged commercial banks to establish dedicated lending windows for businesses operating in the blue economy.
He also called on DFIs to deploy financing instruments, including blended finance and green bonds, to support promising startups, while urging maritime industry players to mentor and invest in businesses emerging from the accelerator programme.
The minister further asked relevant government agencies to provide pilot deployment opportunities and regulatory pathways for innovative solutions developed by participating startups.
Oyetola said the global blue economy, currently estimated at about $3 trillion, is projected to exceed $6 trillion by 2030, adding that Nigeria possesses significant resources to benefit from the sector’s expansion.
He cited Nigeria’s 853-kilometre Atlantic coastline, 200-nautical-mile Exclusive Economic Zone, extensive inland waterways and offshore energy resources as some of the opportunities available for development.
The minister said the establishment of the Federal Ministry of Marine and Blue Economy in 2023 and the approval of the National Policy on Marine and Blue Economy in May 2025 demonstrated the Federal Government’s commitment to developing the sector.
He described the NIMASA Blue Economy Accelerator Programme as a “paradigm shift” in the agency’s role, moving beyond regulation to catalyse innovation, investment and enterprise development.
Earlier, the NIMASA Director-General, Dr Dayo Mobereola, described Nigeria’s maritime economy as a ₦5 trillion frontier that remains significantly underexploited.
Mobereola said Nigeria has 853 kilometres of coastline, six major commercial seaports and a maritime sector supporting logistics associated with more than two million barrels of oil production daily.
Despite these advantages, he said Nigeria captures less than three per cent of the value generated across the maritime value chain moving through its waters.
“That is an imbalance we must change,” the NIMASA DG said.
According to Mobereola, the accelerator was designed to bridge the gap between innovation and commercial application by connecting young innovators with mentors, investors, industry leaders and the regulatory ecosystem.
The programme is being implemented in partnership with Opolo Global Innovation Ltd. and will identify solutions and startups across 13 maritime innovation tracks.
Also speaking, the Director of Opolo Global Innovation Ltd., Nkem Ogbuaku, said the blue economy has an estimated ₦25 trillion in untapped opportunities, which, if properly harnessed, could contribute significantly to Nigeria’s economic growth and job creation.
“Over ₦25 trillion opportunities untapped yet looking for somebody who will come to tap them,” Ogbuaku said.
He said Opolo Global Innovation, working with industry veterans and NIMASA, developed the programme as a national innovation academy aimed at identifying promising ideas, concepts and startups from universities and other innovation ecosystems across the country.
According to him, the initiative would incubate and accelerate promising talents, enabling them to develop solutions for the maritime industry, unlock blue economy opportunities and compete in the global market.
Ogbuaku said Opolo planned to work with more institutions to identify young talents and expressed confidence that the initiative could help produce more Nigerian technology companies with global reach.
He described technology as a key tool for creating opportunities for young Nigerians and increasing the contribution of the maritime sector to the national economy.
On the implementation of the programme, NIMASA’s Director of Reforms Coordination and Blue Economy, Nneka Obianyor, said the initiative would follow a defined timeline covering applications, evaluation, the national hackathon, acceleration and investor engagement.
She said a national mobilisation campaign would begin following the formal unveiling, with applications scheduled to open on October 5 and close on November 13, 2026.
Independent experts will evaluate applications and conduct due diligence from November 16 to December 2, ahead of the National Innovation Hackathon scheduled for December 8.
Obianyor said the hackathon would bring together innovators from Nigeria’s six geopolitical zones across 13 maritime innovation tracks.
The 12-week accelerator programme is expected to commence in the first quarter of 2027 and culminate in a Demo Day in the second quarter, where participating ventures will be connected with investors, industry players and potential markets.
She said the programme had been structured with defined responsibilities, funding arrangements and verification mechanisms at each stage, including grant agreements, disbursement acknowledgements and impact reports.
Obianyor urged sponsors, universities, innovation hubs and ecosystem managers to begin mobilising prospective participants ahead of the application period.
The event attracted stakeholders from across the maritime and financial sectors, including the President of the Nigerian Chamber of Shipping, Alhaji Aminu Umar; President of the Shipowners Association of Nigeria, Mr Sunny Eja; Managing Director of Starzs Group, Ms Iroghama Ogbeifun; and representatives of FirstBank, Zenith Bank, Fidelity Bank, the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Ports Economic Regulatory Agency (NPERA), among others.
The programme will support selected startups through a five-stage development process covering technical mentorship, regulatory guidance, access to capital and international partnerships.
Winning teams from the hackathon will proceed to Opolo Global Innovation’s digital Capacity Development Programme, while exceptional teams will be eligible for direct referral to the accelerator.
