Blue Economy: Oyetola’s Ambitious Plan To Surpass NNPC In Revenue Generation

Recently, the minister of Marine and Blue Economy, Adegboyega Oyetola, said the revenue generated from the nation’s and Blue economy has risen by 90 per cent, thereby justifying President Bola Tinubu’s decision to create a Marine and Blue Economy Ministry.

The minister speaking at the 2025 edition of Seafarers Day, titled ‘My Harassment-Free Ship,” stated that very soon, the nation’s Marine and Blue Economy sector will surpass the Nigerian National Petroleum Company Limited (NNPC) revenue.

Though, stakeholders have over a long time called for the creation of a Marine and Blue Economy Ministry but successive administrations have abandoned the call until the current administration’s

Speaking to newsmen, Oyetola said, “I want to assure you, even right now, within a little time, we’ve increased our revenue by not less than 90 per cent. We’re just not making noise about it, but with automation, with the modernisation of the port, with the development of technology, we believe that the Blue Economy will surpass the NNPC revenue.

“We’re doing our best to ensure that we’re able to unlock the potential of the options for the growth of the Nigerian economy, job creation and environmental sustainability.”

“In the past, there was no operating policy. We succeeded in putting a policy in place that is very robust and has met the world’s best standards. It is a policy that defines in clear terms the operation of the blue economy in Nigeria.”

However, Maritime experts have said that the minister’s projection is achievable, saying the blue economy revenue might reach parity with NNPC’s revenue within the next 2-3 years.

According to the experts, depending on the pace of modernisation, technology adoption, and increased cargo throughputs, the blue economy revenue would increase astronomically.

They, however, warned that only continued investment in port modernisation and infrastructure development will be crucial to sustaining revenue growth.

Speaking to LEADERSHIP, Eugene Nweke said the blue economy is emerging as a critical pillar of national growth, job creation, and environmental sustainability.

He said that with increased modernisation and technology adoption, the sector can surpass NNPC’s revenue generation.

Nweke, who also doubles as head of research at the Sea Empowerment and Research Centre (SEREC), advised that leveraging technology to enhance efficiency and transparency will be essential for the blue economy to reach its full potential.

“Continued investment in port modernisation and infrastructure development will be crucial to sustaining revenue growth, and leveraging technology to enhance efficiency and transparency will be essential for the blue economy to reach its full potential.

“Balancing economic growth with environmental sustainability will be critical to ensuring the long-term viability of the blue economy.”

“Also, SEREC wishes to encourage the minister to strive towards revamping the steel industry, which could boost our shipbuilding and automobile sectors, with its inherent high job creation and technological advancements.

“In conclusion, SEREC notes that, though the claim seems plausible, it’s essential to monitor progress and address potential challenges to ensure the blue economy reaches its full potential.

“The ministry’s priority should be deploying all administrative and operational arsenals towards maximising the potential of the blue economy. As such, it is a welcome and healthy projection by an optimistic working minister,” Nweke stated.

Also speaking,  the National President of the Association of Tourist Boat Operators and Water Transporters of Nigeria (ATBOWATON), Alhaji Tarzan Balogun, applauded the various reforms embarked upon by the minister.

Balogun asserted that the minister’s reforms had led to an increase in the revenue generated across all agencies in the Marine and Blue Economy Ministry.

He, however, stated that to maintain the momentum, the minister must ensure equity, equality and a level playing field for all stakeholders in the sector.

“Yes, if things are done the way they should be done, if there is no privilege that is equity, then the ministry will do better than the revenue accrued in 2025.

“Also, there should be continuity, that is, if a new Minister should eventually take up, he/she should continue from where Oyetola stops. A new minister who comes in and continues with the reforms, any day, anytime, will make the sector improve.

“Like he said. We have over a 90 per cent increase in revenue, and he proposed surpassing the NNPCL soon, that is truly what will happen. Look at the reforms in the waterways, NIMASA, NPA and Shippers Council.”

The government is pursuing automation, the Port Community System and even a single window. If all these are achieved, definitely,  the port will be more efficient and competitive among its contemporaries,” he stated.