Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced a remarkable 160 per cent increase in revenue generated by agencies under his ministry, underscoring the impact of sweeping reforms and tighter accountability measures across the sector.
In a statement issued on Thursday, Oyetola revealed that total revenue rose from N700.79 billion in 2023 to approximately N1.83 trillion by the end of 2025—an achievement he described as the outcome of deliberate, sustained reforms anchored on transparency and efficiency.
According to the minister, the surge was driven by strengthened regulatory oversight, improved revenue assurance systems, and the digitalisation of key operational processes. He noted that these efforts were complemented by a firm resolve to block leakages and enforce compliance across agencies within the marine and blue economy space.
“This performance reflects a clear shift towards results-driven governance,” Oyetola stated, adding that the ministry remains committed to institutional transparency and inclusive policy implementation.
He explained that the ongoing reforms are part of a broader transformation agenda within Nigeria’s maritime sector, including port modernisation initiatives, the long-awaited approval for the disbursement of the Cabotage Vessel Financing Fund, and policies aimed at boosting indigenous participation in shipping and maritime operations.
Oyetola further emphasised that stakeholder engagement remains central to the ministry’s strategy, noting that the convergence of policymakers, industry operators, and development partners is helping to align sector priorities with public expectations.
Industry stakeholders—including terminal operators, shipowners, and trade associations—have welcomed the development, describing it as a strong signal of improving institutional discipline and rising investor confidence in Nigeria’s marine and blue economy.
The minister’s disclosure reinforces growing optimism that ongoing reforms in the sector could position Nigeria as a more competitive maritime hub in West Africa, while significantly boosting government revenue streams.
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2026-04-02
