By Seun Ibiyemi
The Federal Ministry of Marine and Blue Economy has recorded a significant increase in revenue generated by its agencies, rising to ₦1.83 trillion in 2025, according to the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola.
Oyetola disclosed this while presenting the Ministry’s three-year scorecard, highlighting what he described as major reforms in revenue generation, port infrastructure, maritime security, regulation, indigenous shipping, human-capital development, fisheries and inland-waterway safety.
The ₦1.83 trillion generated in 2025 represents a 160 per cent increase from the ₦700.79 billion recorded in 2023, with the Minister attributing the growth to regulatory reforms, improved revenue assurance, digitisation and efforts to close financial leakages.
Oyetola said the establishment of the Federal Ministry of Marine and Blue Economy in August 2023 had provided a unified platform for unlocking the economic potential of Nigeria’s 853-kilometre coastline and extensive inland waterways.
“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.
Ports, Regulation Get Major Boost
The Minister said port modernisation remained a major priority, with upgrade programmes covering Apapa, Tin Can Island, Onne, Rivers, Calabar and Warri ports.
The programme includes channel improvements, modern cargo-handling facilities and increased digitisation of terminal operations to improve efficiency and strengthen Nigeria’s position in international trade.
He said the reforms had attracted 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 also said measures such as electronic truck call-up systems, dedicated holding bays and expanded inland barging had helped address congestion around the Apapa port environment.
According to him, interventions by the Ministry and its agencies had saved port users more than ₦86 billion in unjustified demurrage, while nearly 300 commercial disputes had been resolved through Alternative Dispute Resolution.
He said the new Nigeria Ports Economic Regulatory Authority framework would further strengthen economic regulation and create a more transparent operating environment.
Nigeria Records Four Years Without Piracy
On maritime security, Oyetola said Nigeria had maintained zero piracy in its territorial waters for four consecutive years.
He attributed the improvement to maritime security assets deployed under the Deep Blue Project, saying the development had helped eliminate piracy-related surcharges on vessels calling at Nigerian ports.
He also highlighted Nigeria’s return to the International Maritime Organisation’s Category C Council in November 2025 after a 14-year absence.
In addition, through the Nigerian Maritime Administration and Safety Agency, Nigeria secured the lifting of the 12-year United States Coast Guard Condition of Entry restrictions affecting vessels arriving from Nigerian ports.
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“These achievements demonstrate that Nigeria is not only reforming its maritime sector at home; we are reclaiming our rightful voice and influence internationally,” Oyetola said.
Push for Indigenous Shipping
The Minister said efforts were also underway to increase Nigerian participation in the maritime industry.
He disclosed that plans to revive a national shipping carrier through a public-private partnership were at an advanced stage, while the process for disbursing the Cabotage Vessel Financing Fund had commenced to enable Nigerian shipowners acquire modern vessels.
Oyetola said investments in seafarer training and sea-time placements had expanded opportunities for Nigerians, contributing to an increase of more than 80 per cent in average seafarer earnings.
He added that the Ministry, through the Nigeria Port Economic Regulatory Agency, facilitated a ₦200,000 monthly minimum wage for maritime and shipping workers.
Fish Production Hits 1.4m Tonnes
Beyond ports and shipping, the Minister said the Ministry was expanding its focus to fisheries, inland waterways, marine safety and environmental sustainability.
According to him, Nigeria’s fish production reached 1.4 million metric tonnes in 2025, while the country achieved 100 per cent compliance with Turtle Excluder Device requirements among inspected commercial shrimp trawlers.
On inland waterways, he said safety measures included the distribution of thousands of lifejackets and plans to replace unsafe wooden boats with modern fibreglass vessels.
The Ministry also digitised its internal operations through an Enterprise Content Management System as part of efforts to improve transparency, efficiency and accountability.
Oyetola said the Ministry had also helped resolve a 16-year impasse that paved the way for the operationalisation of the Regional Maritime Development Bank in Nigeria, which he said would improve access to financing across the maritime value chain.
The Minister said the reforms were laying the foundation for a maritime economy capable of supporting trade, attracting investment, creating jobs and generating sustainable revenue.
“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.
