Oyetola: Blue Economy Revenue Hits ₦1.83trn as FG Records Major Maritime Reforms
By Kabir Akintayo
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has said revenues generated by agencies under the ministry rose to a record ₦1.83 trillion in 2025, representing a 160 per cent increase from ₦700.79 billion recorded in 2023.
Oyetola disclosed this while presenting the ministry’s three-year scorecard, marking the third anniversary of the establishment of the Federal Ministry of Marine and Blue Economy by President Bola Tinubu in August 2023.
He said the ministry had, within the period, undertaken far-reaching reforms aimed at unlocking the economic potential of Nigeria’s 853-kilometre coastline and extensive inland waterways.
According to him, the reforms have focused on revenue generation, port infrastructure, maritime security, regulation, indigenous shipping, human capital development, fisheries and inland-waterway safety.
“At the heart of our mandate is a simple but powerful objective: to turn Nigeria’s vast marine resources into sustainable economic value for Nigerians,” he said.
Oyetola attributed the significant increase in revenue to regulatory reforms, stronger revenue assurance, digitisation and efforts to close financial leakages.
New policy for blue economy
The minister identified the approval of Nigeria’s first National Policy on Marine and Blue Economy in May 2025 as one of the major milestones recorded under the ministry.
He said the policy provided a unified framework for managing opportunities in shipping, fisheries, offshore energy, marine biotechnology and other emerging areas.
“This policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably,” Oyetola said.
He added that the policy was designed to guide government interventions while creating greater certainty for private-sector investment across the marine and blue economy value chain.
FG modernises ports
On port development, Oyetola said the Federal Government had embarked on a comprehensive modernisation programme covering Apapa, Tin Can Island, Onne, Rivers, Calabar and Warri ports.
The programme includes channel improvements, modern cargo-handling infrastructure and increased digitisation of terminal operations to improve efficiency and enable Nigerian ports to handle higher volumes of international trade.
He said the reforms had earned international recognition, with the World Bank and S&P Global Market Intelligence ranking Tin Can Island Port 10th and Lagos Port Complex, Apapa, 12th among the world’s 20 most improved container ports between 2020 and 2025.
Oyetola said the government had also made progress in reducing congestion around the Apapa port environment through the electronic truck call-up system, dedicated holding bays and expanded inland barging.
He added that the acquisition of modern tugboats, pilot cutters and dredging equipment by the Nigerian Ports Authority had further strengthened port operations.
“We have moved from managing congestion to building a port system that can compete globally,” he said.
According to him, the government is also expanding port capacity through deep-seaport projects in Akwa Ibom, Cross River, Bayelsa, Ondo, Lagos and Rivers states.
He said 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 ports.
₦86bn demurrage savings
Oyetola said regulatory reforms had saved port users more than ₦86 billion in unjustified demurrage, while nearly 300 commercial disputes had been resolved through Alternative Dispute Resolution.
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He said the new Nigeria Ports Economic Regulatory Authority framework would strengthen economic regulation in the sector.
The minister added that measures had also been introduced to eliminate unauthorised shipping charges and strengthen freight and foreign-exchange verification to reduce leakages and curb capital flight.
Nigeria records four years of zero piracy
On maritime security, Oyetola said Nigeria had maintained zero piracy in its territorial waters for four consecutive years, attributing the achievement to maritime security assets deployed under the Deep Blue Project.
He said the development had eliminated costly piracy-related surcharges on vessels calling at Nigerian ports and improved Nigeria’s reputation as a safer maritime corridor.
He further disclosed that Nigeria regained its seat on the International Maritime Organization’s Category C Council in November 2025 after a 14-year absence.
Through the Nigerian Maritime Administration and Safety Agency, Nigeria also secured the lifting of the 12-year United States Coast Guard Condition of Entry restrictions affecting vessels arriving from Nigerian ports.
“These achievements demonstrate that Nigeria is not only reforming its maritime sector at home; we are reclaiming our rightful voice and influence internationally,” he said.
FG moves to revive national shipping carrier
Oyetola said the ministry was also prioritising indigenous participation in the maritime industry.
He disclosed that plans were at an advanced stage to revive a national shipping carrier through a public-private partnership, while the process for disbursing the Cabotage Vessel Financing Fund had commenced.
According to him, the fund will enable Nigerian shipowners to acquire modern vessels and strengthen indigenous capacity.
“We cannot build a truly blue economy if Nigerians remain spectators in their own maritime industry,” he said.
He added that seafarer training and sea-time placements had expanded opportunities for Nigerians seeking careers in the maritime sector, contributing to an increase of more than 80 per cent in average seafarer earnings.
Fisheries, inland waterways
Beyond ports and shipping, the minister said the ministry had expanded its interventions to fisheries, inland waterways, marine safety and environmental sustainability.
He said the fisheries sector recorded fish production of 1.4 million metric tonnes in 2025.
Oyetola also said Nigeria achieved 100 per cent compliance with Turtle Excluder Device requirements among inspected commercial shrimp trawlers, helping to protect marine biodiversity and maintain access to international markets.
On inland waterways, he said the government had distributed thousands of lifejackets and was planning to replace unsafe wooden boats with modern fibreglass vessels.
He added that the ministry supported the Federal Government’s Naira-for-Crude policy by streamlining marine logistics for domestic refineries.
Maritime bank gets operational boost
Oyetola said institutional reforms had also been central to the ministry’s agenda, noting that its internal operations had been digitised through an Enterprise Content Management System to improve efficiency, transparency and accountability.
He said the ministry also helped resolve a 16-year impasse that paved the way for the operationalisation of the Regional Maritime Development Bank in Nigeria.
According to him, the development would improve access to financing for projects and businesses across the maritime value chain.
The minister said the achievements recorded in the last three years represented a foundation for a larger economic transformation of Nigeria’s marine resources.
“The blue economy is no longer an untapped frontier. It is becoming a major engine of national prosperity, regional competitiveness and sustainable growth,” Oyetola said.
