The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced a 160 per cent increase in revenue generated by agencies under his ministry, attributing the sharp rise to sweeping reforms and a renewed emphasis on accountability and efficiency.
In a statement issued by the ministry on Thursday, Oyetola said the revenue growth reflects a deliberate shift towards transparency, improved governance structures, and performance-driven operations across the sector.
According to him, the agencies recorded a significant leap in earnings within a short period, underscoring the impact of ongoing reforms.
“In 2023, our agencies generated N700.79 billion. By the end of 2025, this figure had risen to approximately N1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” he stated.
The minister explained that the surge was largely driven by strengthened regulatory frameworks, enhanced revenue assurance mechanisms, digitalisation of operational processes, and a firm commitment to blocking financial leakages that had previously undermined the sector’s potential.
He noted that the ministry had adopted a governance model focused on inclusivity, transparency, and measurable outcomes, adding that stakeholder engagement remained central to sustaining the momentum.
“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-oriented,” he said.
Oyetola further linked the improved performance to broader structural reforms within Nigeria’s maritime industry. These include ongoing port modernisation initiatives, the long-awaited approval for the disbursement of the Cabotage Vessel Financing Fund, and targeted policies aimed at boosting indigenous participation in maritime operations.
He emphasised that aligning policy implementation with sector realities and public expectations has been key to unlocking growth and improving institutional performance.
Industry stakeholders present at the engagement, including terminal operators, shipowners, trade associations, and members of the diplomatic community, commended the ministry’s achievements. They described the revenue growth as evidence of increasing institutional discipline and a positive signal for investor confidence in Nigeria’s marine and blue economy.
The development is seen as part of broader efforts by the federal government to diversify the economy and maximise the potential of non-oil sectors, particularly maritime resources, which remain largely underutilised despite their significant contribution to trade and economic development.
Princess Etuk, a journalist with over five years of experience covering national development and economic issues, highlighted the importance of sustained reforms in driving sectoral growth. Known for her focus on public policy, infrastructure, and agriculture, she noted that consistent accountability and strategic investment would be critical in maintaining the current trajectory and ensuring long-term impact.
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