Marine, Blue Economy Revenue Rises By 160% In 2 Years – Oyetola

The minister of Marine and Blue Economy, Dr.Adegboyega Oyetola, has announced a remarkable 160 per cent increase in revenue generated by agencies under his Ministry.
Speaking on Thursday at the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat in Lagos, Dr Oyetola said the ministry’s performance reflects a deliberate shift towards transparency and efficiency.
The minister also issued a firm warning to heads of agencies under his Ministry, insisting on strict accountability and the delivery of tangible results.
According to the minister, the surge in revenue was due to sweeping reforms and a renewed focus on accountability in the ministry.
“In 2023, our agencies generated N700.79 billion. By the end of 2025, this figure had risen to approximately N1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” he stated.
The minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.
“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.
Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.
However, Oyetola during the signing of performance bonds with the heads of maritime agencies during the Ministerial Management Retreat held alongside the 2026 first quarter stakeholders’ engagement in Lagos stressed the importance of performance-driven governance.
“Let me emphasise that all Departments and Agencies under the Ministry must remain firmly focused on delivering tangible results,” he said.
He noted that performance bonds to be signed during the retreat are binding commitments that will be closely monitored and rigorously evaluated.

“These are not ceremonial documents. They are binding commitments. Accountability will not be optional,” the Minister declared.

Oyetola underscored the need for data-driven decision-making, robust monitoring and evaluation frameworks, and alignment with the Ministry’s strategic objectives.

“At the institutional level, we must remain disciplined and accountable. Every department and agency must deliver measurable outcomes,” he added.

He further explained that the retreat was designed to foster alignment between policy formulation, implementation, and stakeholder expectations.

“The integration of this engagement enables us to listen, reflect, and recalibrate,” he said.

The high point of event was the signing of performance bonds between the Minister and heads of agencies under the ministry. The agencies include the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, Nigerian Shippers’ Council, National Inland Waterways Authority, Maritime Academy of Nigeria, and the Council for the Regulation of Freight Forwarding in Nigeria. Others are the Nigerian