FG Says Blue Economy Revenues Hit N1.83trn

The Federal Government has said revenue generated by agencies under the Ministry of Marine and Blue Economy rose to N1.83trn in 2025, representing a 160 per cent increase from N700.79bn recorded in 2023.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed while presenting the ministry’s three-year scorecard since its establishment in August 2023.

Oyetola attributed the increase to regulatory reforms, digitisation, improved revenue assurance and measures to close financial leakages.

“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.

The minister also highlighted the approval of Nigeria’s first National Policy on Marine and Blue Economy in May 2025, saying it provided a unified framework for shipping, fisheries, offshore energy, marine biotechnology and other activities.

“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.

On port infrastructure, he said the government was upgrading Apapa, Tin Can Island, Onne, Rivers, Calabar and Warri ports through channel improvements, cargo-handling infrastructure and increased digitisation.

He said Tin Can Island Port and the Lagos Port Complex, Apapa, were ranked 10th and 12th respectively among the world’s 20 most improved container ports between 2020 and 2025 by the World Bank and S&P Global Market Intelligence.

Oyetola said measures including the electronic truck call-up system, holding bays and expanded inland barging had also been deployed to address congestion around the Apapa port environment.

“We have moved from managing congestion to building a port system that can compete globally,” he said.

The minister further said interventions by the ministry and its agencies had saved port users more than N86bn in what he described as unjustified demurrage, while nearly 300 commercial disputes had been resolved through Alternative Dispute Resolution.

On maritime security, Oyetola said Nigeria had maintained zero piracy in its territorial waters for four consecutive years, attributing the development to security assets deployed under the Deep Blue Project.

He also said Nigeria regained its seat on the International Maritime Organisation’s Category C Council in November 2025 after 14 years, while the United States Coast Guard lifted its 12-year 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.

On indigenous participation, Oyetola said 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.

“We cannot build a truly blue economy if Nigerians remain spectators in their own maritime industry,” he said.

He also said fish production reached 1.4 million metric tonnes in 2025 and that safety measures on inland waterways included the distribution of thousands of life jackets and plans to replace wooden boats with fibreglass vessels.

Oyetola said the ministry had also digitised its operations and helped resolve a 16-year impasse towards operationalising the Regional Maritime Development Bank in Nigeria.

“The blue economy is no longer an untapped frontier. It is becoming a major engine of national prosperity, regional competitiveness and sustainable growth,” he said.