The Federal Ministry of Marine and Blue Economy has announced a dramatic 160 per cent increase in revenue generated by its agencies, rising from ₦700.79 billion in 2023 to approximately ₦1.83 trillion by the end of 2025.
Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, disclosed this at the recent 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat in Lagos.
He attributed the significant growth to far-reaching reforms anchored on transparency, accountability, and operational efficiency.
“In 2023, our agencies generated ₦700.79 billion. By the end of 2025, this figure had risen to approximately ₦1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms”, Oyetola stated.
According to the Minister, the revenue surge was driven by strengthened regulatory oversight, enhanced revenue assurance systems, digitalisation of key operations, and decisive efforts to eliminate leakages.
He noted that the engagement forum underscores the Ministry’s commitment to inclusive governance and stakeholder collaboration, aimed at aligning policy execution with public expectations.
Oyetola further linked the improved performance to broader reforms within the sector, including ongoing port modernisation initiatives, the approved disbursement of the Cabotage Vessel Financing Fund (CVFF), and strategic measures to boost indigenous participation in maritime activities.
Stakeholders at the event, comprising terminal operators, shipowners, trade associations, and members of the diplomatic corps praised the Ministry’s progress, describing it as a reflection of strengthened institutional discipline and growing investor confidence in Nigeria’s marine and blue economy.