{"id":129210,"date":"2026-08-30T15:02:41","date_gmt":"2026-08-30T14:02:41","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=129210"},"modified":"2026-08-30T15:02:41","modified_gmt":"2026-08-30T14:02:41","slug":"maritime-agencies-revenue-jumps-160-to-%e2%82%a61-83trn-in-two-years-oyetola","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/maritime-agencies-revenue-jumps-160-to-%e2%82%a61-83trn-in-two-years-oyetola\/","title":{"rendered":"Maritime Agencies\u2019 Revenue Jumps 160% to \u20a61.83trn in Two Years \u2014 Oyetola"},"content":{"rendered":"
By Tracy Moses<\/div>\n
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Revenue generated by agencies under the Federal Ministry of Marine and Blue Economy rose by 160 per cent from \u20a6700.79 billion in 2023 to \u20a61.83 trillion in 2025, Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has said.<\/div>\n
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Oyetola disclosed this while presenting the Ministry\u2019s three-year scorecard, highlighting the revenue increase as one of the major outcomes of reforms undertaken since President Bola Tinubu established the Ministry in August 2023.<\/div>\n
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He attributed the growth to regulatory reforms, stronger revenue assurance, digitization and measures aimed at systematically closing financial leakages across the maritime sector.<\/div>\n
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According to the minister, the improved revenue performance reflects a broader effort to make Nigeria\u2019s maritime economy more transparent, efficient and attractive to investment.<\/div>\n
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The revenue increase is one of the key indicators cited by the Ministry in assessing its performance since its creation, with the government seeking to position the marine and blue economy as a major contributor to national revenue, trade, investment and employment.<\/div>\n
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\u201cAt the heart of our mandate is a simple but powerful objective: to turn Nigeria\u2019s vast marine resources into sustainable economic value for Nigerians,\u201d Oyetola said.<\/div>\n
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The minister said the revenue gains had been accompanied by reforms across port infrastructure, maritime regulation, indigenous shipping, maritime security, fisheries, inland waterways and human-capital development.<\/div>\n
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A major policy development under the reform programme was the approval, in May 2025, of Nigeria\u2019s first National Policy on Marine and Blue Economy.<\/div>\n
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Oyetola said the policy provided a unified framework for shipping, fisheries, offshore energy, marine biotechnology and other emerging opportunities, replacing the fragmented approach that had characterised the management of Nigeria\u2019s maritime resources.<\/div>\n
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\u201cThis policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably,\u201d he said.<\/div>\n
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Port modernisation has also remained central to the Ministry\u2019s agenda, with the Federal Government undertaking upgrades at major ports, including Apapa, Tin Can Island, Onne, Rivers, Calabar and Warri.<\/div>\n
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Oyetola said the programme covered channel improvements, modern cargo-handling infrastructure and increased digitization of terminal operations, with the objective of improving efficiency and positioning Nigerian ports to handle larger volumes of international trade.<\/div>\n
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He said reforms at the ports had attracted international recognition, noting that the World Bank and S&P Global Market Intelligence ranked Tin Can Island Port 10th and the Lagos Port Complex, Apapa, 12th among the world\u2019s 20 most improved container ports between 2020 and 2025.<\/div>\n
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According to him, government had also made progress in addressing congestion around the Apapa port environment through the electronic truck call-up system, dedicated holding bays and expanded inland barging.<\/div>\n
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\u201cWe have moved from managing congestion to building a port system that can compete globally,\u201d Oyetola said.<\/div>\n
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The minister said the government was also pursuing an expansion of port capacity through deep-seaport projects in Akwa Ibom, Cross River, Bayelsa, Ondo, Lagos and Rivers states.<\/div>\n
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He added that the operationalisation of inland dry ports, including the Funtua Inland Dry Port in Katsina State, would bring cargo-handling and clearance services closer to businesses in the hinterland and reduce pressure on coastal gateways.<\/div>\n
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On maritime regulation, Oyetola said the new Nigeria Ports Economic Regulatory Authority framework would strengthen economic regulation of the port sector, while interventions by the Ministry and its agencies had saved port users more than \u20a686 billion in unjustified demurrage.<\/div>\n
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He also said nearly 300 commercial disputes had been resolved through Alternative Dispute Resolution, while measures had been introduced to eliminate unauthorised shipping charges and strengthen freight and foreign-exchange verification.<\/div>\n
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The minister said maritime security had equally recorded significant gains, with Nigeria maintaining zero piracy in its territorial waters for four consecutive years, supported by security assets deployed under the Deep Blue Project.<\/div>\n
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He said the achievement had helped eliminate costly piracy-related surcharges on vessels calling at Nigerian ports and strengthened Nigeria\u2019s reputation as a safer maritime corridor.<\/div>\n
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Oyetola also cited Nigeria\u2019s return to the International Maritime Organization\u2019s Category C Council in November 2025, after a 14-year absence, as evidence of the country\u2019s improving standing in the global maritime community.<\/div>\n
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Through the Nigerian Maritime Administration and Safety Agency, he said Nigeria also secured the lifting of the 12-year United States Coast Guard Condition of Entry restrictions affecting vessels arriving from Nigerian ports.<\/div>\n
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\u201cThese achievements demonstrate that Nigeria is not only reforming its maritime sector at home; we are reclaiming our rightful voice and influence internationally,\u201d he said.<\/div>\n
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Beyond shipping and ports, Oyetola said the Ministry had expanded its interventions in fisheries, inland-waterway safety and environmental sustainability.<\/div>\n
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He said fish production reached 1.4 million metric tonnes in 2025, while Nigeria achieved 100 per cent compliance with Turtle Excluder Device requirements among inspected commercial shrimp trawlers.<\/div>\n
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The minister also said efforts to deepen indigenous participation in the maritime industry included plans to revive a national shipping carrier through a public-private partnership and the commencement of the disbursement of the Cabotage Vessel Financing Fund to enable Nigerian shipowners acquire modern vessels.<\/div>\n
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He said increased seafarer training and sea-time placements had also expanded opportunities for Nigerians seeking careers in the maritime industry, contributing to an increase of more than 80 per cent in average seafarer earnings.<\/div>\n
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Oyetola said the Ministry\u2019s three-year performance represented the foundation for a broader transformation of Nigeria\u2019s marine economy, with the ultimate goal of ensuring that the country derives greater economic value from its 853-kilometre coastline and extensive inland waterways.<\/div>\n
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\u201cThe blue economy is no longer an untapped frontier. It is becoming a major engine of national prosperity, regional competitiveness and sustainable growth,\u201d he said.<\/div>\n","protected":false},"excerpt":{"rendered":"

By Tracy Moses Revenue generated by agencies under the Federal Ministry of Marine and Blue Economy rose by 160 per cent from \u20a6700.79 billion in 2023 to \u20a61.83 trillion in…<\/p>\n","protected":false},"author":1,"featured_media":129211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-129210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nMaritime Agencies\u2019 Revenue Jumps 160% to \u20a61.83trn in Two Years \u2014 Oyetola - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/maritime-agencies-revenue-jumps-160-to-\u20a61-83trn-in-two-years-oyetola\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maritime Agencies\u2019 Revenue Jumps 160% to \u20a61.83trn in Two Years \u2014 Oyetola - 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