Marine sector revenue hits N1.83trn as reforms drive 160% growth — Oyetola
Agencies under the Marine and Blue Economy Ministry recorded a 160 per cent increase in revenue, rising to N1.83 trillion by the end of 2025, as reforms, port modernisation, and
- By Afiong Edemumoh
Agencies under the Marine and Blue Economy Ministry recorded a 160 per cent increase in revenue, rising to N1.83 trillion by the end of 2025, as reforms, port modernisation, and digitalisation reshape Nigeria’s maritime business environment.
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, disclosed this in Lagos during a three-in-one sector engagement, where he outlined a strategy focused on infrastructure development, improved access to financing, regulatory reforms, and private sector participation to position Nigeria as a leading maritime hub in West and Central Africa.
The event, which combined the First Quarter 2026 Citizens and Stakeholders’ Engagement, a Sectoral Performance Retreat, and a Ministerial Management Retreat, also featured the signing of performance bonds by heads of agencies under the ministry. The move, according to Oyetola, is aimed at strengthening accountability and entrenching results-driven governance across the sector.
He attributed the sharp revenue growth — from about N770 billion in 2023 to N1.83 trillion in 2025 — to deliberate reforms introduced by the ministry.
“The increase in revenue is the result of targeted reforms, including improved regulatory oversight, digitalisation of processes, enhanced transparency, and stronger institutional performance,” Oyetola said.
The minister highlighted ongoing port modernisation projects at Apapa and Tin Can Island as key drivers of efficiency within the sector. He noted that the projects, supported by a financing arrangement with UK Export Finance, are expected to significantly reduce vessel turnaround time, lower logistics costs, and boost Nigeria’s trade competitiveness.
Oyetola added that the reforms are already yielding tangible results, positioning the maritime sector as a critical contributor to national revenue and economic growth. He expressed confidence that sustained investments and policy consistency would further unlock opportunities within the blue economy and strengthen Nigeria’s standing in regional and global maritime trade.
“This is not just infrastructure renewal; it is a transformative intervention that will ease congestion, lower the cost of doing business, and stimulate trade and investment across multiple sectors,” the minister said.
Addressing concerns over Lagos-centric investments, Oyetola clarified that procurement processes were already underway for the modernisation of Warri, Port Harcourt, Onne, and Calabar ports, alongside approvals for new deep-seaports in Agge, Bakassi, Bonny, and Ondo.
“These projects will expand capacity, open new economic corridors and position Nigeria as a maritime gateway for Africa,” he added.
Beyond ports, the minister highlighted multimodal logistics integration through inland dry ports in Funtua, Moniya, and Jos to decongest seaports and bring services closer to businesses in the hinterland.
A major financing milestone, he noted, was the activation of the Cabotage Vessel Financing Fund (CVFF), with an application portal launched in January 2026 to empower indigenous shipowners, boost local capacity, and retain maritime value within the economy.
He also revealed progress toward establishing a national shipping carrier in partnership with international investors, including Abu Dhabi Ports Group, as part of efforts to strengthen Nigeria’s participation in global shipping.
Oyetola also announced that the government is advancing the Nigerian Shipping and Port Economic Regulatory Agency (NPERA) Bill, which would transform the Nigerian Shippers' Council into an independent economic regulator for Nigeria's port system. The objective, he said, is to ensure fairness for service providers and users alike and create a more transparent and efficient port environment.
On the international stage, the minister cited Nigeria's election to the Council of the International Maritime Organisation (IMO) as a strategic milestone that would allow the country to shape global maritime policy in ways that serve its national interest. He also highlighted sustained progress in maritime security, noting that Nigeria has maintained a piracy-free status since 2021, driven in large part by the Deep Blue Project executed in collaboration with the Nigerian Navy.
On the blue economy side, the minister reported that local fish production rose from 1.1 million tonnes to 1.4 million tonnes in 2025, while acknowledging that the figure still falls short of the national annual requirement of 3.6 million metric tonnes. He said the government is investing in fish landing jetties and terminals to improve post-harvest handling, cold storage, processing infrastructure, and market access for fishing communities.
Oyetola also called on state governments to phase out unsafe wooden boats on Nigeria's waterways and invest in modern vessels, warning that many of the old boats have become safety hazards. He said NIMASA has distributed life jackets across riverine, coastal, and inland states and urged all waterway users to strictly comply with safety standards, including avoiding night travel.
Reinforcing the digitalisation drive, Managing Director of the Nigerian Ports Authority (NPA), Abubakar Dantsoho, said the Port Community System (PCS), a precursor to the National Single Window, was nearing full approval.
Dantsoho disclosed that the system had reached about 90 per cent completion and was awaiting final approval from the Federal Executive Council.
“The National Single Window, which went live on March 27, is already improving efficiency in how business is conducted, not just in ports but across the economy,” he said.
He also noted that Nigeria had, in the past month, exported 500,000 tonnes of petroleum products from local refineries to other African countries by sea, a development he credited to policy decisions approved by the minister. "There are no queues in Nigeria today, only in other countries," he said, referencing the global energy supply disruptions caused by the US-Iran conflict.
“This reflects the efficiency of our ship and cargo operations, driven by policies approved by the Honourable Minister," Dantsoho added.
The Executive Secretary of the Nigerian Shippers' Council, Dr. Pius Akutah, confirmed that presidential approval has been secured to commence procurement for the International Cargo Tracking Note (ICTN) system, which the Council is mandated to implement.
Akutah acknowledged the troubled history of the initiative, noting that it had previously been suspended multiple times.
"The Minister is taking all steps necessary to ensure that any implementation under his leadership will not be suspended.
“We are optimistic that before the end of the year, ICTN will be fully implemented. The minister has taken steps to ensure that past challenges do not recur,” Akutah said.
In his goodwill message, Captain Sunday Umoren, the Secretary General of the Abuja Memorandum of Understanding on Port State Control for West and Central Africa, a regional body that monitors compliance with international maritime standards, pledged the organisation's support for Nigeria's blue economy agenda. He called for stronger enforcement of maritime standards and collaboration to eliminate substandard shipping and protect marine resources.
Rear Admiral A.A. Mustapha, who delivered a goodwill message on behalf of the Chief of Naval Staff, confirmed that the Navy has acquired new platforms, including drones, to sustain maritime security gains. "If there is no security, there is no blue economy," he said, adding that the Navy, NIMASA, the NPA, and the Shippers' Council are working in close collaboration.
The Consul General of the Royal Danish Embassy in Nigeria, Jette Bjerrum, brought greetings from the Danish government and flagged considerable appetite for expanded Nigeria-Denmark maritime cooperation. She noted that Denmark, home to APM Terminals, which has long-standing investments in the Apapa Container Terminal and an inland container terminal, sees significant opportunities in areas including green maritime solutions, digitalisation, shipbuilding, maritime transport, and data-driven port services.
"Denmark remains committed to working with Nigeria to advance sustainable and inclusive maritime development," Bjerrum said, adding that the Danish Maritime Organisation, which represents 180 companies, has expressed interest in visiting Nigeria to explore collaboration.
She congratulated Nigeria on its IMO Council election, called it a remarkable achievement, and noted Denmark's alignment with Nigeria through the IMO Green Voyage 2050 programme and the Gulf of Guinea Maritime Security Programme.
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Earlier, the Director of Planning, Research, and Statistics at the ministry, Hajia Kalthum Ibrahim, described the engagement as a strategic platform to deepen governance, improve service delivery, and align stakeholders toward achieving national blue economy objectives.
Permanent Secretary of the ministry, Fatima Sugra Mahmood, emphasised the need for stronger inter-agency coordination, data integrity, and disciplined execution, noting that the ministry’s performance would ultimately be judged by measurable results rather than plans.
She also noted that consolidating three events into one platform was a deliberate decision to ensure efficient use of public resources.
Looking ahead, the minister reiterated that the sector’s growth strategy would continue to focus on infrastructure expansion, private sector participation, regulatory clarity, and human capital development.
“Our vision is to unlock the full potential of Nigeria’s marine resources as a catalyst for economic diversification, job creation, food security, and foreign exchange earnings,” he said.
He added that performance targets signed at the retreat would be closely monitored, stressing that “accountability will not be optional” as the ministry pushes to deliver measurable business outcomes across the maritime sector.
