Agencies under Nigeria’s Federal Ministry of Marine and Blue Economy generated a combined revenue of approximately ₦1.83 trillion in 2025, representing a 160 per cent increase from the ₦700.79 billion recorded in 2023.
The figures were disclosed by the Honourable Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, while presenting the ministry’s three-year performance scorecard covering the period since its establishment in August 2023 under President Bola Ahmed Tinubu.
Dr. Oyetola attributed the significant revenue growth to deliberate and sustained reforms aimed at enhancing transparency, efficiency and accountability across the maritime sector.
“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,” the Minister stated.
He explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking financial leakages.
The revenue surge forms part of broader sectoral reforms, including the approval in May 2025 of Nigeria’s first National Policy on Marine and Blue Economy, port modernisation projects, the activation of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities. The Minister also noted significant progress toward the establishment of a new national shipping carrier through collaboration with reputable international partners.
The improved performance reflects the Ministry’s mandate to transform Nigeria’s vast marine resources into sustainable economic value, contributing to national revenue, trade competitiveness, employment and investment.
Industry stakeholders, including terminal operators, shipowners and trade associations, have commended the reforms, describing the revenue growth as evidence of growing institutional discipline and investor confidence in Nigeria’s marine and blue economy.
The Federal Ministry of Marine and Blue Economy was established in August 2023 to coordinate and drive the sustainable development of Nigeria’s maritime and blue economy sectors, encompassing shipping, ports, fisheries, offshore energy and related activities.