Nigeria is preparing to unveil a proposed $1bn innovation fund aimed at supporting start-ups in the marine and blue economy, as part of efforts to diversify the economy away from oil, according to Mrs Ronke Kosoko, chief executive officer of the Maritime Innovations Hub.

Kosoko disclosed the plans at a media parley in Abuja organised in collaboration with the Ministry of Marine and Blue Economy, attended by representatives of the National Inland Waterways Authority (NIWA), the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Shippers’ Council and other government agencies.

She said the fund is expected to be officially unveiled at the Blue Economy Investment Summit, scheduled for March 9–11, 2026, in Lagos, adding that discussions with international financiers are at an advanced stage.

According to Kosoko, international investors are expected to meet President Bola Tinubu and Central Bank of Nigeria (CBN) Governor Olayemi Cardoso during the summit, although no formal schedules have been confirmed.

Kosoko said the proposed $1bn fund builds on what she described as Nigeria’s earlier success in securing a $100mn training and capacity-development programme for the maritime sector, which she said helped attract further investor interest.

“When the $100mn offer came, I wasn’t looking for it. People trust us globally because of our track record. While that was being processed, the $1bn offer came, and we had to return to the Presidency again,” she said.

She added that international partners are expected to provide not only funding but also technical support and training for start-ups operating in the marine and blue economy, which spans maritime transport, fisheries, coastal tourism, shipbuilding and ocean-based renewable energy.

Kosoko said Nigeria’s extensive coastline and position along major global shipping routes give it a natural advantage in the sector, but warned that infrastructure gaps, policy bottlenecks and limited access to finance have continued to constrain growth.

She said these challenges have contributed to shipping lines favouring ports in neighbouring countries such as Togo and Côte d’Ivoire, resulting in lost revenue for Nigeria — an issue she said would be addressed at the 2026 summit.

Kosoko said organisers expect significant participation at the event, including virtual engagement by hundreds of thousands of young people nationwide and attendance by senior political leaders, although final participation details are yet to be confirmed.

The Ministry of Marine and Blue Economy has identified the blue economy as a strategic growth area, as Nigeria seeks to broaden its economic base and attract private investment into non-oil sectors.