The Minister of Marine and Blue Economy, Adegboyega Oyetola, has revealed that agencies under his ministry recorded a 160 percent increase in revenue between 2023 and 2025. He attributed the surge to reforms focused on transparency, accountability, and efficiency.
In a statement issued on Thursday, Oyetola explained that revenue rose from ₦700.79 billion in 2023 to approximately ₦1.83 trillion by the end of 2025. He described the achievement as the result of deliberate and sustained reforms, including strengthened regulatory oversight, improved revenue assurance mechanisms, and digitalisation of key processes. He stressed that plugging leakages and enforcing accountability were central to the ministry’s success.
Oyetola highlighted that the ministry’s performance reflects a governance approach that is inclusive and results-oriented. He noted that the gathering of stakeholders, policymakers, and institutional leaders was aimed at aligning policy implementation with public expectations and sector priorities.
The minister also linked the improved revenue to broader reforms within the maritime sector. These include port modernisation projects, approval for the disbursement of the Cabotage Vessel Financing Fund, and ongoing efforts to boost indigenous participation in maritime activities.
Industry stakeholders present at the event—such as terminal operators, shipowners, trade associations, and members of the diplomatic corps—commended the ministry’s progress. They described the revenue growth as evidence of rising institutional discipline and growing investor confidence in Nigeria’s marine and blue economy.
Oyetola emphasized that the ministry remains committed to sustaining reforms and ensuring that the sector continues to contribute meaningfully to national development. He reiterated that transparency and accountability will remain the guiding principles of the ministry’s operations.
The announcement underscores the potential of Nigeria’s marine and blue economy as a driver of growth, with reforms positioning the sector as a key contributor to revenue generation and investor confidence.
