The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced that agencies under his ministry generated N1.83 trillion in 2025, marking a 160 percent increase compared to 2023. He disclosed this during the ministry’s first-quarter Citizens and Stakeholders Engagement in Lagos, themed “Enhancing Multi-Stakeholder Collaboration for Sustainable Implementation of the National Policy in Marine and Blue Economy.”
Oyetola attributed the revenue surge to deliberate reforms aimed at strengthening regulatory oversight, improving international mechanisms, enhancing transparency, and blocking leakages. In 2023, agencies under the ministry generated N700.79 billion. By 2025, this figure had more than doubled, reflecting the impact of reforms designed to build financially accountable and sustainable institutions.
He emphasized that the achievement demonstrates the ministry’s commitment to efficiency and fiscal responsibility. According to him, reforms have created a foundation for long-term growth in the marine and blue economy sector.
The minister also revealed that Nigeria is preparing to launch a new national shipping carrier. He explained that the government has secured the interest of reputable international partners to support the project. The initiative will complement the Cabotage Vessels Financing Fund and is expected to reduce Nigeria’s reliance on foreign vessels for cargo transport.
Industry experts argue that the absence of a national carrier has cost Nigeria billions annually. Stakeholders believe that owning vessels will help the country retain value from its imports and exports, while strengthening its maritime sovereignty.
Oyetola highlighted progress in the fisheries sector, noting that local fish production rose from 1.1 billion metric tonnes to 1.4 billion metric tonnes in 2025. While this remains below the national requirement of 3.6 billion metric tonnes annually, he described the increase as meaningful progress.
He stressed that the government is committed to closing the gap through sustained investment, innovation, and the development of fishery ports and terminals. These efforts aim to boost domestic supply, reduce reliance on imports, and enhance food security.
The minister announced government approval for the development of new deep-seaports across Nigeria. He explained that the projects will expand maritime capacity, modernise existing ports, and open new economic corridors. The initiative is expected to position Nigeria as a leading maritime gateway in Africa.
Port modernisation, he said, will improve efficiency, reduce vessel turnaround time, and enhance cargo handling capacity. It will also ease congestion, lower the cost of doing business, and stimulate trade and investment across multiple sectors.
Oyetola stressed that these initiatives align with President Bola Tinubu’s Renewed Hope Agenda, which prioritises economic diversification, infrastructure development, and unlocking new sources of growth. He described the stakeholder engagement as deliberate and strategic, reflecting the ministry’s commitment to inclusive and transparent governance.
By bringing stakeholders, policymakers, and institutional leaders together, the ministry aims to foster alignment between policy formulation and implementation. Oyetola noted that the engagement ensures performance is assessed in the context of stakeholder feedback and institutional responsibility.
In his presentation, Greg Ogbeifun, Chief Executive Officer of Starz Maritime, reiterated the importance of Nigeria owning vessels. He warned that the country loses between $8 billion and $9 billion annually to foreign ships transporting local cargo.
Ogbeifun argued that Nigeria’s population and trade volume demand a national carrier. He urged stakeholders to continue pressing for action, stressing that every day of inaction compounds structural losses. According to him, reviving a national fleet would allow Nigeria to reclaim value from its imports and exports, while strengthening its maritime industry.
Nigeria’s marine and blue economy sector recorded significant progress in 2025, with revenues rising to N1.83 trillion. The achievement reflects the impact of reforms focused on transparency, efficiency, and accountability. Plans to launch a national shipping carrier, expand fisheries production, and modernise ports signal a broader strategy to strengthen Nigeria’s maritime capacity and reduce dependence on foreign operators.
Stakeholders believe these initiatives will not only boost fiscal stability but also position Nigeria as a competitive maritime hub in Africa. The ministry’s emphasis on collaboration and transparency underscores its commitment to building a sustainable marine economy that supports national growth.
