Marítime Agencies Revenue To FG Increases By 77% In 2024 – Oyetola

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has said that agencies in the Marine and Blue Economy increased revenue generated to the coffers of the federal government by 77%.
He disclosed this in an interactive session with the Nigerian Guild of Editors in Lagos.

According to him, the Presidential Enabling Business Environment Council (PEBEC) during the 120 Day Regulatory Reform Accelerator (RRA) in 2024, acknowledged the exceptional performances of the Ministry and its agencies, which earned it a letter of commendation.

Oyetola stated that the ministry is developing a National Policy on Marine and Blue Economy, which he noted will be presented to the Federal Executive Council for approval.
He further stated that the Ministry has carried out its mandate through its agencies and has recorded significant achievements on many fronts.

“One of these is the recent approval for the award of a contract for the modernization of Western Ports (Lagos Ports Complex, Apapa, and Tin Can Island Port Complex). The procurement process for the Eastern Ports modernisation is being fast-tracked. These projects will generate over 20,000 jobs,” he stated.
The Minister highlighted efforts being made in the development of greenfield port projects such as Badagry, Ilaje, Olokola, Agge, Ibaka, Burutu, Snake Island, Bakassi, Deep Seaports, river ports and jetties, as well as the development of Inland Dry Ports across the country to facilitate trade. According to him, the Funtua Inland Dry Port in Katsina has been commissioned while Kaduna and Kano are supporting trade operations with those in Abia, Plateau and Borno States in various stages of completion.

Regarding the the port’s operational efficiency, Oyetola reported that the Ministry’s policy reforms and agency implementations had yielded significant improvements in export volumes over the past year, as evidenced by the positive trade balances reported by the National Bureau of Statistics due to reforms at the Export Terminals.

Tied to this is the implementation of the National Single Window (NSW, a platform which streamlines trade compliance processes and links ports with relevant government agencies and stakeholders to create a seamless, efficient system. To complement this National Single Window project, the Ministry and NPA are finalizing the Port Community System, an electronic platform to centralize and automate processes among stakeholders in port services. This will serve as a one-stop shop for all stakeholders in the Port System.

Furthermore, he informed that the shipping lanes that transverse West Africa and the Gulf of Guinea have witnessed zero piracy for a record of 3 years due to the implementation of the Deep Blue Sea Project and Falcon Eye Surveillance Systems, which feature advanced surveillance and response systems. This, the Minister noted, is through the efforts of the Ministry and its agencies.

On Nigeria’s election bid for the Category C seat in the International Maritime Organization, the Minister informed that Mr President has approved, and the IMO has been duly notified. Nigeria, he stated further, has commenced the necessary preparation for the bid.