The Provisionary Committee of the proposed Nigerian Coast Guard (PC-NCG) on Sunday dismissed concerns over funding, saying the institution will leverage diverse local and international revenue streams.

In a statement on Sunday, PC-NCG Chief Executive Officer, Capt. Noah Ichaba, said Coast Guards worldwide are not solely dependent on government allocations.

According to him, established funding channels include maritime security funds, trust funds, grants, technical assistance programmes, and strategic international partnerships.

Ichaba said maritime law enforcement agencies across the Gulf of Guinea, West Africa, the Indian Ocean, and the Red Sea operate under similar funding models.

He noted that such frameworks support maritime security, anti-piracy operations, environmental protection, search and rescue, and economic asset protection.

“A properly structured Coast Guard is a strategic national asset that generates, protects, and sustains economic value,” he said.

The PC-NCG chief added that Nigeria already possesses maritime-linked revenue streams capable of supporting a Coast Guard institution.

He explained that global Coast Guard funding covers maritime security, port security, maritime domain awareness, blue economy protection, and law enforcement capacity building.

Ichaba identified funding opportunities through International Maritime Organization trust funds and regional maritime security programmes.

Other sources include bilateral and multilateral assistance, World Bank blue economy initiatives, African Development Bank programmes, and UNDP maritime governance support.

He argued that maritime security in the Gulf of Guinea remains one of the most strategically funded sectors globally.

According to him, investments are driven by concerns over piracy, illegal fishing, trafficking, offshore infrastructure protection, and international shipping interests.

Ichaba said the perception of a funding crisis for the proposed Coast Guard is not supported by existing maritime financing realities.

He maintained that international donors prefer supporting legally established Coast Guard institutions and recognised maritime security agencies.

The PC-NCG chief said creating the Nigerian Coast Guard would improve access to grants, equipment donations, training support, and operational partnerships.

He urged policymakers to expedite the establishment of the institution to unlock available international funding and cooperation opportunities.