The Minister of Marine and Blue Economy, Adegboyega Oyetola, has raised concerns over persistent challenges in Nigeria’s maritime sector, including revenue leakages, inefficiencies, and governance gaps that have hindered the sector’s ability to fully optimise its internally generated revenue (IGR).
Oyetola highlighted these issues at a two-day workshop titled ‘Modern Audit Techniques as a Panacea to Improve Internally Generated Revenue,’ held in Abuja.
Represented by the Permanent Secretary of the Ministry, Olorutola Olufemi, Oyetola emphasised that the workshop was timely, as Nigeria seeks to diversify its revenue streams.
He pointed out that the marine and blue economy sector offers significant growth opportunities, including fisheries, shipping, and marine tourism, but stressed the need for modern audit practices to harness these resources effectively.
“The adoption of modern audit techniques is critical for maximising revenue collection, minimising wastage, and improving governance in the maritime sector,” Oyetola stated.
He also underscored the broader role of auditors, noting that their work extends beyond financial account reviews to driving organisational efficiency and performance.
“This workshop marks a turning point for improving efficiency and enhancing audit performance within the ministry,” the minister added.
The Auditor-General of the Federation, Shaakaa Chira, represented by the Director of the Audit Department, Uchechukwu Ogwe, acknowledged the immense revenue potential of the marine and blue economy sector. This potential includes revenue streams such as fishing licenses, oil and gas royalties, customs duties, and marine tourism.
However, Chira highlighted that these opportunities are often undermined by systemic inefficiencies, governance challenges, and revenue leakages. He assured the ministry of the Auditor-General’s commitment to supporting reforms and promoting accountability within the sector.
“The workshop provides an excellent platform for stakeholders to exchange ideas, engage constructively, and develop actionable strategies to address these challenges,” Chira said.
The Director of Internal Audit at the Federal Ministry of Marine and Blue Economy, Jumbo Obenachi Renner, further stressed the importance of adopting innovative strategies and forward-thinking practices. He called for a shift towards global best practices to unlock the sector’s potential as a driver of economic growth and sustainability.
Renner added that the workshop was designed to equip auditors with the necessary skills and frameworks to rethink conventional approaches and embrace advanced audit techniques.
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