Agencies under the Federal Ministry of Marine and Blue Economy generated a combined revenue of approximately ₦1.83 trillion in 2025, marking a remarkable 160 per cent increase from the ₦700.79 billion recorded in 2023, the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has disclosed.
The Minister made the announcement on Thursday during the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat held in Lagos. The event was themed around enhancing multi-stakeholder collaboration for the sustainable implementation of the National Policy on Marine and Blue Economy.
“In 2023, our agencies generated ₦700.79 billion. By the end of 2025, this figure had risen to approximately ₦1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” Oyetola stated.
He attributed the significant revenue growth to strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, enhanced transparency, and a firm commitment to blocking leakages across the system. According to the Minister, these reforms have repositioned the agencies for greater efficiency, accountability, and financial sustainability.
Oyetola also highlighted broader sectoral progress, including ongoing port modernisation initiatives, approval for the disbursement of the Cabotage Vessel Financing Fund (CVFF), and advanced discussions aimed at establishing a new national shipping carrier in partnership with credible international operators. These efforts are designed to boost indigenous participation in maritime activities and strengthen Nigeria’s position as a leading maritime hub in West and Central Africa.
In the fisheries sub-sector, the Minister noted an increase in local fish production from 1.1 billion metric tonnes to 1.4 billion metric tonnes in 2025. While acknowledging that the figure remains below the estimated national annual demand of 3.6 billion metric tonnes, he described the growth as meaningful progress and reaffirmed the government’s commitment to bridging the gap through targeted investments and innovation.
Stakeholders at the event, including terminal operators, shipowners, trade associations, and members of the diplomatic community, commended the Ministry’s performance, describing it as evidence of growing institutional discipline and rising investor confidence in Nigeria’s marine and blue economy.
The Federal Government has set a target of ₦2 trillion in annual revenue from the sector by 2027, to be achieved through a three-pronged strategy focused on blocking revenue leakages, enhancing existing revenue sources, and developing new income streams within the blue economy.