- NIMASA, NPA, others generate N850bn
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has said that the ministry recorded a revenue growth of N850 billion between January and November, 2024.
The minister, while briefing journalists in Lagos on Thursday during an interactive session, said the revenue growth represents 77% percent over N479 billion recorded within the same period in 2023.
The Minister equally announced that the ministry has been ranked among the top four performing ministries under President Bola Tinubu.
Oyetola disclosed that the rating was done by the Central Results Coordinating Delivery Unit under the leadership of the Special Adviser to the President on Policy Coordination and Head, Hadiza Bala Usman.
While highlighting the revenue performance across the agencies, the Minister said the Nigerian Maritime Administration and Safety Agency generated N67 billion in 2024 as against N43 billion in 2023.
The Nigerian Ports Authority also generated N758 billion in 2024 against N411 billion in 2023.
The National Inland Waterways Authority increased its revenue from N3 billion in 2023 to N5 billion in 2024, while the revenue of Nigeria Shippers Council dropped from N21 billion in 2023 to N19 billion in 2024.
He said in concert with NIMASA, the Ministry has engaged stakeholders to finalise arrangements for the disbursement of the Cabotage Vessel Financing Fund.
According to him, this will assist indigenous shipping operators to acquire new vessels and enhance indigenous capacity.
“The Ministry is seeing to it that the correct template is put in place to ensure transparency and accountability in the disbursement of funds. Efforts are on to bring in Development Banks into the disbursement process. I am glad to inform you that NIMASA is working on this and has almost completed the process.
“We are in the process of operationalising the Regional Maritime Development Bank with other countries in the Maritime Organization of Central and West Africa,” he said.
The Minister also outlined ambitious reforms aimed at transforming Nigeria’s maritime sector into a key driver of economic growth.
Oyetola highlighted the Federal Government’s commitment to harnessing marine resources for national prosperity.
With an extensive coastline of 853 kilometers and a vast Exclusive Economic Zone of over 300,000 square kilometers, he said Nigeria is strategically positioned to develop its blue economy.
Oyetola emphasized that the sector—encompassing maritime shipping, ports infrastructure, fishing, aquaculture, and renewable energy, has immense potential to boost Nigeria’s gross domestic product.
He announced the modernization of the Western Ports, including Lagos Port Complex and Tin Can Island Port, with a completion period of 48 months.
He said this initiative is expected to increase the draft of Nigerian ports to 16-17 meters, allowing larger vessels to dock and reducing revenue losses to neighboring countries. Additionally, Oyetola noted that the reforms are projected to generate over 20,000 jobs.
He also revealed that Nigeria has concluded its National Blue Economy Strategy, developed in collaboration with international partners such as the African Union Inter-African Bureau for Animal Resources (AU-IBAR) and the Kingdom of Norway.
He said that the ministry has finalized a Fisheries and Aquaculture Policy, reinforcing the government’s focus on increasing local fish production while addressing illegal and unregulated fishing.
Further efforts to strengthen the maritime sector include the implementation of a National Single Window digital platform to streamline trade compliance and improve port efficiency.
He said the government is also reducing the number of agencies operating at seaports to enhance ease of doing business, noting that security in Nigeria’s waterways remains a top priority.
He explained that Nigeria has sustained a zero-piracy record in the Gulf of Guinea over the last three years.
He said the deployment of the Deep Blue Sea Project and Falcon Eye Surveillance Systems has significantly boosted maritime security.
In a move to position Nigeria as a leading maritime nation, Oyetola confirmed that the country has secured an additional 16,300 square kilometers of continental shelf and has ratified six international maritime conventions.
The minister likewise announced Nigeria’s bid to contest the International Maritime Organization Council election in 2025.
Oyetola reaffirmed the government’s commitment to sustainable marine resource management, investment attraction, and job creation, marking a significant step forward in Nigeria’s blue economy agenda.
The Minister announced that the ministry has been ranked among the top four performing ministries under President Bola Tinubu.
Oyetola disclosed that the rating was done by the Central Results Coordinating Delivery Unit under the leadership of the Special Adviser to the President on Policy Coordination and Head, Hadiza Bala Usman.
He said the rating was in recognition of the ministry’s attempts to rejig and reform the marine and blue economy sector, having dwelt deliberately and extensively on the crafting of an enduring policy framework.
The minister reiterated that the ministry has taken deliberate steps to strengthen the regulatory, legal, institutional and policy frameworks for the management and development of the sector.
According to him, this was to lay a solid foundation for the President’s Renewed Hope Agenda as it reflects his determination to unlock the vast potential of the nation’s marine resources.
“We have painstakingly devoted attention to the crafting of a sound policy framework to govern and direct the sector.
“We have ensured that both the process and outcomes are given diligent attention. Our approach has been to guarantee a comprehensive and holistic national policy for the sector,” he said.
