Nigeria’s Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, has disclosed that the agencies under the ministry generated a total of N1.83tn in revenue in 2025.
Speaking during the 2026 1st Quarter Citizens/Stakeholders Engagement organised by the ministry on Thursday in Lagos, Adegboyega said: “I am also pleased to note the strong revenue performance recorded by agencies under our ministry.
“The collective revenue generated by these agencies has increased by 160 per cent. In 2023, our agencies generated a total of N700.79bn. By the end of 2025, this figure had increased to approximately.”
Adegboyega stressed that this remarkable achievement is the result of deliberate and solid reforms, including strengthening regulatory oversight, improving international mechanisms, utilisation of key processes, enhanced transparency, and a firm commitment to block leakages across the system.
According to him, these reforms are aimed at building institutions that are not only efficient but also financially accountable and sustainable. Adegboyega also announced that the country has concluded plans to float a new national shipping carrier.
“I am pleased to inform you that, in addition to the Cabotage Vessels Financing Fund, we have made significant progress toward the floating of a new shipping carrier. We have secured the interest of reputable international partners who are collaborating with us to bring this mission to fruition,” he stated. “In the fisheries sector, we recorded a notable increase in local fish production from 1.1 billion metric tonnes to 1.4 billion metric tonnes in 2025.”
Oyetola emphasised that while this remains below the national requirement of 3.6 billion metric tonnes annually, it represents meaningful progress. He maintained that the government is determined to close the gap through sustained investment and innovation.
“Our commitment to strengthening the fisheries sector is also reflected in the ongoing development of fishery ports and terminals,” Oyetola stated.
According to him, the government has granted approval for the development of new deep-seaports across the country and that the projects will expand Nigerian maritime capacity, modernise existing ports, open new economic corridors, and position the country as a leading maritime gateway in Africa.
“These initiatives are firmly aligned with the Renewed Hope Agenda of President Bola Tinubu, particularly in terms of economic diversification, enhancing infrastructure, and unlocking new sources of growth,” Oyetola stressed.
Speaking on the programme, with the theme “Enhancing multi-stakeholder collaboration for sustainable implementation of the National Policy in Marine and Blue Economy”, the minister pointed out that the event was both deliberate and strategic. He mentioned that the gathering reflects the ministry’s commitment to a governance approach that is inclusive, transparent, and resolute.
“By bringing stakeholders, policymakers, and institutional leaders into the same room, we are fostering alignment between policy formulation, implementation, and public expectations. The integration of this engagement enables us to listen, reflect, and collaborate. It ensures that our performance is not assessed in isolation, but in the context of stakeholders’ feedback and institutional responsibility,” Oyetola stated.
Oyetola stressed that the gathering reinforces “our collective commitment to transparency, accountability, and strengthening coherence in the delivery of a mandate.”
He stated that port modernisation is a transformative intervention that will significantly enhance port efficiency, reduce vessel turnaround time, improve cargo handling capacity, and strengthen Nigerian competitiveness as a maritime hub in West and Central Africa.
“It will also ease congestion, lower the cost of doing business, and stimulate trade and investment across multiple sectors of the economy,” he added.
GIK/APA