- The Minister of Marine and Blue Economy Adegboyega Oyetola has announced a 160% increase in agency-generated revenue
- The revenue rose from N700.79 billion in 2023 to N1.83 trillion by 2025
- Oyetola attributed the growth to sustained reforms and improved accountability frameworks
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has revealed that agencies under his ministry recorded a 160 per cent increase in revenue, crediting the growth to wide-ranging reforms and stronger accountability measures.
In a statement released by the ministry on Thursday, April 2, Oyetola said the surge highlights a deliberate transition toward transparency, efficiency, and performance-driven governance.
“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,” he stated.
According to the minister, the improved performance was fueled by tighter regulatory oversight, enhanced revenue assurance systems, the digitalisation of operations, and determined efforts to eliminate financial leakages.
“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-oriented,” he added.
Oyetola explained that the event brought together stakeholders, policymakers, and institutional leaders to ensure that policy execution aligns with public expectations and the sector’s priorities.
He further connected the revenue growth to broader maritime sector reforms, including ongoing port modernisation initiatives, approval for the disbursement of the Cabotage Vessel Financing Fund, and measures aimed at boosting indigenous participation in maritime operations.
Stakeholders present at the event, such as terminal operators, shipowners, trade associations, and members of the diplomatic community, praised the ministry’s achievements, noting that the progress signals stronger institutional discipline and increasing investor confidence in Nigeria’s marine and blue economy sector.