Maritime Agencies’ Revenue Rises By 160% To N1.83trn In 3 Years

Revenue generated by agencies under the Federal Ministry of Marine and Blue Economy rose by 160 per cent to N1.83 trillion in 2025, from N700.79 billion recorded in 2023, as the federal government intensifies reforms to transform Nigeria’s maritime sector, the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has said.

Oyetola disclosed this while presenting the Ministry’s three-year scorecard, highlighting what he described as far-reaching transformation across revenue generation, port infrastructure, maritime security, regulation, indigenous shipping, human capital development, fisheries, and inland waterway safety.

The minister said the revenue growth was driven by regulatory reforms, stronger revenue assurance, digitisation and the systematic closure of financial leakages.

He said the development formed part of broader efforts to build a more transparent, efficient and investment-friendly maritime economy capable of contributing significantly to national revenue, trade, security and job creation.

“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,” Oyetola said.

The Federal Ministry of Marine and Blue Economy was established in August 2023 by President Bola Ahmed Tinubu to unlock the economic potential of Nigeria’s 853-kilometre coastline, inland waterways and other marine resources.

Oyetola 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 reform programme.

According to him, the policy marked a departure from the fragmented approach that had characterised the management of the country’s maritime resources by establishing a unified framework covering shipping, fisheries, offshore energy, marine biotechnology and other emerging opportunities.

“This policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably,” he said.

The minister said the policy would guide government intervention while providing greater certainty for private-sector investment across the marine and blue economy value chain.

Oyetola said port modernisation remained at the centre of the Ministry’s transformation agenda, noting that the Federal Government had embarked on a comprehensive upgrade of major seaports, including Apapa, Tin Can Island, Onne, Rivers, Calabar and Warri.

He said the programme covers channel improvements, modern cargo-handling infrastructure and increased digitisation of terminal operations to improve efficiency and enable Nigerian ports to handle larger volumes of international trade.

The reforms, he added, 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 the government had made significant progress in tackling congestion around the Apapa port environment through the electronic truck call-up system, dedicated holding bays and expanded inland barging.

He added that the Nigerian Ports Authority’s acquisition of modern tugboats, pilot cutters, and dredging equipment had further strengthened port operations.

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

He said the Federal Government was also pursuing the expansion of port capacity through deep-seaport projects in Akwa Ibom, Cross River, Bayelsa, Ondo, Lagos and Rivers states.

According to him, the operationalisation of inland dry ports, including the Funtua Inland Dry Port in Katsina State, is also aimed at taking cargo-handling and clearance services closer to businesses in the hinterland while reducing pressure on coastal gateways.

The minister said regulatory reforms had also produced tangible benefits for businesses operating in the maritime sector.

According to Oyetola, the new Nigeria Ports Economic Regulatory Authority (NPERA) framework would strengthen economic regulation of the port sector, while interventions by the Ministry and its agencies had saved port users more than N86 billion in unjustified demurrage.

He added that nearly 300 commercial disputes had been resolved through Alternative Dispute Resolution.

Oyetola said the Ministry had also introduced measures to eliminate unauthorised shipping charges and strengthen freight and foreign-exchange verification as part of efforts to reduce leakages and curb capital flight.

He said the reforms were aimed at creating a maritime business environment where legitimate operators could compete on a level playing field while protecting Nigerian businesses from avoidable costs.

The minister said improvements in port efficiency had been accompanied by significant gains in maritime security, with Nigeria maintaining zero piracy in its territorial waters for four consecutive years.

He attributed the achievement to maritime security assets procured and deployed under the Deep Blue Project, saying the development had helped eliminate costly piracy-related surcharges on vessels calling at Nigerian ports while enhancing the country’s reputation as a safer maritime corridor.

Oyetola said the security gains had also strengthened Nigeria’s position within the international maritime community.

He noted 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, he added, 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,” Oyetola said.

Oyetola said the Ministry was committed to developing indigenous shipping capacity and ensuring that Nigerians captured a greater share of opportunities in the maritime value chain.

He said plans were at an advanced stage to revive a national shipping carrier through a public-private partnership, while the process for disbursing the long-awaited Cabotage Vessel Financing Fund had commenced to enable Nigerian shipowners acquire modern vessels.

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

On human-capital development, the minister said seafarer training and sea-time placements had expanded opportunities for Nigerians seeking careers in the maritime industry.

He said the interventions had contributed to an increase of more than 80 per cent in average seafarer earnings.

Oyetola also said the Ministry, through the Nigeria Port Economic Regulatory Agency, facilitated a N200,000 monthly minimum wage for maritime and shipping workers.

The minister said the government’s blue economy agenda extended beyond shipping and port operations to fisheries, inland waterways, marine safety and environmental sustainability.

He said the Ministry supported the Federal Government’s Naira-for-Crude policy by streamlining marine logistics for domestic refineries.

On inland waterways, he said safety interventions included the distribution of thousands of lifejackets and plans to replace unsafe wooden boats with modern fibreglass vessels.

The fisheries sector, he added, recorded growth, with fish production reaching 1.4 million metric tonnes in 2025.

Oyetola further disclosed that Nigeria achieved 100 per cent compliance with Turtle Excluder Device requirements among inspected commercial shrimp trawlers, helping to safeguard marine biodiversity and protect access to international markets.

He said the measures reflected the Ministry’s broader approach of ensuring that economic development and environmental sustainability complemented each other.

Oyetola said institutional reforms had also been central to the Ministry’s three-year programme, noting that its internal operations had been digitised through an Enterprise Content Management System to improve efficiency, transparency and accountability.

He also disclosed that the Ministry 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 strengthen access to financing for projects and businesses across the maritime value chain.

Oyetola said the achievements recorded in the first three years represented the foundation for a much larger economic opportunity in the marine and blue economy.

He said the government’s objective was to build a maritime ecosystem where efficient ports support trade, stronger security attracts shipping, Nigerian businesses capture a greater share of the maritime value chain, coastal and inland communities benefit from new economic opportunities, and marine resources are developed sustainably.

The minister said the combination of rising revenues, a new national policy framework, port modernisation, stronger maritime security, improved regulation, investments in human capital and renewed international engagement had placed Nigeria’s marine and blue economy on a stronger trajectory.

“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.