Marine, Blue Economy Ministry Revenue Rises, Hits N1.39 trn

The revenue generated by agencies in the nation’s Marine and Blue Economy sector has risen from N700.79 billion in 2023 to N1.39trillion in 2024, LEADERSHIP has learnt.

LEADERSHIP reports that the Minister of Marine and Blue Economy, Adegboyega Oyetola, in June, said revenue from the nation’s Blue Economy had risen by 90 per cent.

Oyetola said that with automation, modernisation of the nation’s ports and the deployment of technology, the blue economy will surpass the Nigerian National Petroleum Company Limited (NNPCL) revenue

However, in a report by the special adviser on Media and Communications to the minister of Marine and Blue Economy, Dr Bolaji Akinola, titled, ‘Marine and Blue Economy: Oyetola’s two-year Voyage of Reform and Growth,’ he said the revenue was highest in Nigeria’s maritime history.

According to him, the remarkable surge was not the result of burdening operators with new costs, but of bold institutional reforms: tightening regulatory oversight, sealing revenue leakages, streamlining processes, and embracing modernisation.

“Oyetola’s reforms have delivered record-breaking fiscal gains, transforming the maritime sector into a powerhouse of national revenue. In 2023, agencies under the ministry generated N700.79 billion, but by the close of 2024, that figure had almost doubled to an unprecedented N1.39 trillion — the highest in Nigeria’s maritime history.

“[This remarkable surge was not the result of burdening operators with new costs, but of bold institutional reforms: tightening regulatory oversight, sealing revenue leakages, streamlining processes, and embracing modernisation. The outcome was unmistakable — Nigeria’s maritime industry has shed its old reputation as a dormant backwater and emerged as a strategic pillar of economic resilience and growth.”

The Minister’s spokesman also stated that the Federal Executive Council (FEC) recently approved the comprehensive modernisation of two of Nigeria’s most vital maritime assets: the Lagos Port Complex, Apapa, and the Tin Can Island Port Complex

Dr Akinola said rehabilitating the seaports would unlock a new era of efficiency, significantly reducing vessel turnaround times and eliminating the persistent congestion that has long plagued port operations.

“In a landmark decision, the Federal Executive Council, acting on a memo submitted by Oyetola, recently approved the comprehensive modernisation of two of Nigeria’s most vital maritime assets: the Lagos Port Complex, Apapa, and the Tin Can Island Port Complex. With a completion target of 48 months, this ambitious initiative addresses a long-standing challenge — the age and outdated infrastructure of these critical gateways.

“The Apapa Port, a centenarian, and the Tin Can Island Port, now 48 years old, have endured decades of service without major rehabilitation. Both ports have since struggled to keep pace with the exponential growth in trade volume and the advent of larger, more sophisticated vessel designs.

“The full-scale upgrade of these ports is not just about aesthetic improvement; it is a strategic investment with profound economic and operational merits. By rehabilitating these national assets, Nigeria will unlock a new era of efficiency, significantly reducing vessel turnaround times and eliminating the persistent congestion that has long plagued port operations.

“This will translate into substantial cost savings for businesses, enhanced trade competitiveness, and a more predictable supply chain. Furthermore, the modernisation will enable the ports to handle larger container ships, thereby increasing their capacity and solidifying their role as key hubs for regional and international commerce.

“Beyond this, the Minister is actively pursuing the establishment of new deep seaports in collaboration with state governments and the private sector. This forward-looking strategy follows the successful Lekki Deep Seaport project in Lagos, whose access road was recently commissioned by President Bola Tinubu.

“This successful blueprint serves as a model for future projects, ensuring Nigeria’s maritime infrastructure is not only modernised but also expanded to meet future demands.  Furthermore, rehabilitation plans are already underway for other ports outside Lagos, with the procurement process fully activated. These parallel initiatives underscore a holistic national strategy to revitalise Nigeria’s entire port system, ensuring that every economic gateway is equipped to support a more dynamic and prosperous blue economy.”

The minister spokesman also stated that the decisive consolidation of the Deep Blue Project has yielded unprecedented results such as a remarkable three consecutive years with zero piracy incidents in Nigeria’s waters.

“For years, Nigeria’s maritime domain was marred by the threat of piracy and attacks against ships, a dangerous reality that severely impacted trade and inflated the cost of shipping to the country.  The imposition of a “war risk surcharge” by international insurers was a punitive measure that burdened businesses and stifled economic growth.

“However, a new chapter has been written under the leadership of Minister Adegboyega Oyetola. His decisive consolidation of the Deep Blue Project has yielded unprecedented results: a remarkable three consecutive years with zero piracy incidents in Nigeria’s waters.

“This success has also led to a significant reduction in attacks across the wider Gulf of Guinea, transforming one of the world’s most perilous shipping lanes into a far safer corridor. This monumental achievement has garnered international acclaim from prestigious global bodies such as the International Maritime Bureau (IMB) and the International Maritime Organisation (IMO). In a landmark recognition of Nigeria’s enhanced security, the country has been officially removed from the list of maritime high-risk zones.

“The benefits of this achievement are profound and far-reaching. The end of attacks against ships has led to a dramatic reduction in insurance premiums and shipping costs, making Nigeria a more attractive destination for international trade.

“This is expected to stimulate a surge in shipping traffic and foreign investment, while also lowering the cost of imported goods for the average Nigerian. Ultimately, Oyetola’s unwavering commitment to maritime security has not only protected lives and property but has also unlocked a new era of economic prosperity and international confidence in Nigeria’s blue economy,” he said.