The Federal Government aims to increase revenue generation from the blue economy, targeting an annual revenue of N2 trillion by 2027.
The Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, disclosed this during a ministerial press briefing on President Bola Tinubu’s administration’s sectoral update on Tuesday.
Oyetola noted that the increased contribution of the marine and blue economy to the country’s Gross Domestic Product (GDP) is a significant boost for the Ministry’s revenue generation efforts.
“A key measure of success for the Ministry is to increase the contribution of the marine and blue economy to national Gross Domestic Products.
“We are currently implementing a 3-pronged strategy which is expected to double current revenue generation, to achieve N2 trillion per annum by 2027,” he said.
This aligns with President Bola Tinubu’s administration’s goal to transform Nigeria into a $1 trillion economy by 2026 and a $4 trillion economy by 2035.
More insights
The Minister outlined the strategy to achieve the N2 trillion annual revenue target by 2027, focusing on three key areas: addressing revenue leakages, enhancing existing revenue sources, and identifying new blue economy revenue streams.
To address revenue leakages, Oyetola mentioned automating revenue collection to eliminate bottlenecks, enhance transparency, and deploy revenue assurance technologies for accurate billing.
For enhancing existing revenue sources, he discussed commissioning revenue enhancement studies and efficiently utilizing assets through private-sector concessions and public-private partnerships.
To identify new revenue streams, Oyetola highlighted investment promotion campaigns targeting domestic and international investors in the marine and blue economy sectors.
What you should know
The agencies under the Ministry of Marine and Blue Economy, including the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Ports Authority (NPA), Nigerian Shippers’ Council (NSC), and National Inland Waterways Authority (NIWA), reported a significant revenue increase in Q1 2024 compared to the corresponding period last year.
- According to the Ministry of Marine and Blue Economy’s First Year Sector Report released on Tuesday, these agencies witnessed a cumulative 92% increase in revenue in Q1 2024 compared to Q1 2023.
- The NPA saw a revenue increase of approximately 105.67%, rising from N82.9 billion in Q1 2023 to N170.5 billion in Q1 2024. NIMASA’s revenue grew from N37.4 billion in Q1 2023 to N62.2 billion in Q1 2024.
- The NSC recorded a revenue increase from N4.9 billion in Q1 2023 to N8.7 billion in Q1 2024. NIWA’s revenue rose from N1.1 billion in Q1 2023 to N1.4 billion in Q1 2024.
- The combined revenue of these agencies in Q1 2024 amounted to N242.8 billion, up from N126.4 billion in Q1 2023.
