Business
Marine Minister Oyetola Backs Strong Investment in Fisheries Development
West Central Africa fisheries investment gains focus as Oyetola urges stronger cooperation and funding to boost sustainability and growth in the sector
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has called for stronger regional cooperation and increased investment in the fisheries sector across West and Central Africa, speaking at the National Fisheries Investment Conference held in Liberia from March 30 to 31, 2026.
Also read: Nigeria Leads Regional Fight Against Illegal Fishing
The conference, which was declared open by Liberia’s President Joseph Nyuma Boakai, brought together ministers responsible for fisheries and aquaculture from across the subregion, alongside stakeholders focused on advancing the blue economy.
Oyetola, who also serves as chairman of the Fisheries Committee for the West Central Gulf of Guinea, described the gathering as timely, noting that it presents a critical platform to unlock opportunities within fisheries and related industries.
He emphasised that millions of people across the region depend on fisheries and aquaculture for their livelihoods, while fish remains a vital and affordable source of protein.
Despite these benefits, the minister warned that the sector continues to face significant structural challenges, including declining fish stocks, weak infrastructure, and limited access to finance and modern technology.
He stressed that addressing these issues requires coordinated action among countries, as well as sustained investment in modern systems and capacity building.
Oyetola underscored the importance of sustainability in managing marine and inland water resources, warning that long-term benefits cannot be achieved without responsible stewardship of ecosystems.
He described oceans, rivers and coastal environments as essential assets that must be carefully protected to ensure continued productivity.
“Our oceans, rivers, and coastal ecosystems must be carefully managed… without sustainability, long-term benefits cannot be achieved,” he said, highlighting the need for a balanced approach to development and conservation.
In his capacity as chairman of the Fisheries Committee for the West Central Gulf of Guinea, Oyetola reaffirmed the commitment of the organisation to strengthening regional collaboration in fisheries governance.
He pointed to ongoing initiatives aimed at improving monitoring and enforcement across member states.
These initiatives include the development of a regional register of fishing vessels, coordinated patrol operations, and enhanced information-sharing systems designed to combat illegal fishing and promote sustainable practices.
According to the minister, such measures are essential to safeguarding marine resources and ensuring compliance with agreed standards.
Oyetola also noted that efforts are underway to harmonise fisheries policies across the region, with the aim of facilitating trade, strengthening value chains, and attracting investment into the sector.
He said improved coordination among countries would help create a more stable and attractive environment for both local and international investors.
Also read: Ondo Deep Sea Port Revalidated to Boost Nigeria’s Blue Economy
The conference is widely seen as part of broader efforts to position fisheries and aquaculture as key drivers of economic growth, food security and employment across West and Central Africa, particularly as governments seek to diversify their economies and harness blue economy opportunities.
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TotalEnergies and Nigerian independent energy company AMNI International have taken the Final Investment Decision on the $800 million Ima Gas Project, more than five decades after the gas field was discovered.
The Ima Gas Project, located in shallow waters across Oil Mining Leases 112 and 117 near Bonny Island, Rivers State, is expected to begin production in 2028 and reach a plateau of 350 million cubic feet of gas per day.
The development is expected to play a major role in supplying feed gas to Nigeria LNG, with the Ima field projected to provide about one-third of the additional gas required for the ongoing Train 7 expansion.
Train 7 is expected to increase Nigeria LNG’s liquefaction capacity from 22 million tonnes per annum to 30 million tonnes per annum, strengthening Nigeria’s capacity to process and export liquefied natural gas.
The Ima field was discovered in 1973 but remained undeveloped for more than 50 years. The Final Investment Decision provides the commercial and financial basis for finally developing the long-dormant resource.
Under the development plan, TotalEnergies will operate the project with a 40 per cent interest, while AMNI will hold the remaining 60 per cent.
The field will be developed using a single offshore platform connected to Nigeria LNG’s facility on Bonny Island through a 22-kilometre pipeline.
TotalEnergies said its investment in the project is more than $600 million, while the Federal Government described the overall Final Investment Decision as an $800 million investment.
At the FID signing ceremony in Abuja, TotalEnergies Exploration and Production Nigeria Managing Director, Mathieu Bouyer, described the decision as the culmination of a development process that had stretched across several decades.
He said the project reflected increased confidence in Nigeria’s investment environment and highlighted reforms targeting the non-associated gas sector as part of the factors that helped make the development commercially viable.
President Bola Tinubu welcomed the investment, saying the project demonstrated the potential of reforms introduced to reduce the cost and time required to develop oil and gas projects.
The President said the government had introduced incentives aimed specifically at unlocking onshore and shallow-water gas projects that had remained undeveloped for years.
He said the Ima development would create opportunities for Nigerian businesses, engineers, technicians and contractors, while generating jobs, economic activity in host communities and additional export earnings.
The project is also expected to have a strong Nigerian content component. TotalEnergies said all key contractors for the development would be Nigerian companies, while about 60 per cent of the workforce during the development phase is expected to come from host communities.
The development will incorporate measures aimed at reducing emissions. TotalEnergies said the platform would receive electricity from shore, operate without routine flaring and use permanent methane detection and monitoring systems.
The Federal Government said the project is part of efforts to turn Nigeria’s large natural gas reserves into productive assets capable of supporting industrialisation, energy supply, jobs and export earnings.
Special Adviser to the President on Energy, Olu Verheijen, said the Ima development illustrated the importance of creating commercial and investment conditions that allow previously stranded resources to be developed.
The government also noted that Nigerian financial institutions arranged 77 per cent of the project’s financing, further highlighting the participation of domestic financial institutions in the development.
For Nigeria LNG, the project comes as the company continues work on the Train 7 expansion, which is designed to increase the Bonny Island plant’s liquefaction capacity and strengthen the country’s position in the global LNG market.
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