The Minister of Marine and Blue Economy, Adegboyega Oyetola, has disclosed that the ministry generated N1.83 trillion in revenue in 2025, representing a 160% increase from the N700.79 billion recorded in 2023.
He made the disclosure on Thursday during the 2026 First Quarter Citizens and Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat held in Lagos.
According to the minister, the significant growth reflects the impact of reforms implemented to enhance accountability and efficiency across the sector.
What he is saying
Oyetola attributed the revenue growth to deliberate policy reforms focused on transparency and improved operational systems.
- “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 said the gains are 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 noted that the ministry’s improved performance underscores a shift towards stronger institutional discipline and effective revenue management.
Get up to speed
The development comes as the Federal Government intensifies efforts to expand revenue generation from Nigeria’s blue economy.
- The government has set a target of N2 trillion in annual revenue from the sector by 2027.
- In 2024, the ministry introduced a three-pronged strategy to achieve this target.
- The strategy focuses on blocking revenue leakages, enhancing existing revenue sources, and developing new income streams within the blue economy.
Measures include automating revenue collection systems, deploying revenue assurance technologies, and leveraging public-private partnerships.
These initiatives are designed to strengthen the sector’s contribution to national revenue and economic growth.
More insights
Oyetola said the stakeholder engagement was aimed at aligning policy direction with implementation and public expectations.
- He linked the ministry’s performance to ongoing sectoral reforms, including port modernisation efforts.
- He also referenced the approval for the disbursement of the Cabotage Vessel Financing Fund (CVFF) to support indigenous operators.
- The minister highlighted efforts to increase local participation in maritime activities.
He noted that these reforms are boosting investor confidence in the marine and blue economy sector.
The minister described the progress as evidence of improved governance and a more structured approach to sector development.
What you should know
The ministry’s reforms are supported by ongoing investments aimed at upgrading Nigeria’s port infrastructure.
- The Federal Government recently secured a £746 million financing agreement with the United Kingdom.
- The funding will support the modernisation of key ports, including Apapa and Tin Can Island in Lagos.
- The project is backed by UK Export Finance and targets comprehensive upgrades of port facilities.
The investment is expected to enhance port efficiency, improve trade logistics, and further strengthen revenue generation within Nigeria’s marine and blue economy.
