Marine and Blue Economy Ministry records 160% revenue – Oyetola

The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has announced a 160 per cent increase in revenue generated by agencies under his ministry by the end of the year.

Mr Oyetola made the disclosure during the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat on Thursday in Lagos.

He attributed the increase in revenue to sweeping reforms and a renewed focus on accountability.

Mr Oyetola said the ministry’s performance reflects a deliberate shift towards transparency and efficiency.

“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.

“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,” Mr Oyetola said.

He noted that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.

Mr Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for the disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.

The industry stakeholders at the event, including terminal operators, shipowners, trade associations, and the diplomatic corps, commended the ministry’s performance.

Mr Oyetola also described the ministry’s progress as a sign of growing institutional discipline and investor confidence in Nigeria’s marine and blue economy.
NAN