Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has disclosed that revenue generated by agencies under the ministry rose by 160 per cent within two years, reaching about ₦1.83 trillion in 2025 from ₦700.79 billion recorded in 2023.
Oyetola made the disclosure on Thursday during the 2026 First Quarter Citizens/Stakeholders’ Engagement and Sectoral Performance Review in Lagos
He attributed the sharp increase to a comprehensive reform agenda anchored on transparency, efficiency, and accountability.
The minister said the ministry had repositioned its agencies through tighter regulatory supervision, enhanced revenue monitoring systems, and the deployment of digital technologies to improve operational processes and curb leakages.
He explained that the engagement forum was part of efforts to deepen participatory governance, noting that bringing together stakeholders across the maritime value chain helps ensure that policies are aligned with industry realities and national economic priorities.
Oyetola further highlighted ongoing sectoral reforms, including port modernisation initiatives and the planned disbursement of the Cabotage Vessel Financing Fund (CVFF), as key steps toward strengthening local capacity and boosting indigenous participation in maritime business.
The minister in a statement signed by his Special Adviser,Dr. Bolaji Akinola,expressed optimism that sustained reforms would continue to drive growth, improve service delivery, and enhance Nigeria’s competitiveness in the global maritime space.
Participants at the forum, comprising terminal operators, shipowners, trade groups, and members of the diplomatic community, lauded the ministry’s performance, describing the revenue growth as a reflection of improved governance and rising investor confidence in the sector.
