Four agencies under the Marine and Blue Economy ministry generated ₦850.3 billion in 2024, a 77% increase compared to 2023. The agencies are the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers Council (NSC), and the National Inland Waterways Authority (NIWA).
The Minister of Marine and Blue Economy, Adegboyega Oyetola announced the figures in Lagos during an interactive session with journalists, highlighting the ministry’s achievements over the past year.
He stated that the ministry and its agencies “have achieved a ramp up of revenue to the government in the last one year and is poised to do more.”
Oyetola also clarified plans for a new national maritime flag carrier, confirming it will be established through a public-private partnership (PPP) arrangement.
He emphasised that this initiative differs from the defunct Nigerian National Shipping Line (NNSL).
A committee has been established to oversee the project, with the government primarily focused on creating an enabling environment for private sector investment.
“We are not investing so much. We might not even invest anything at all,” he explained.
The minister detailed the government’s commitment to harnessing the potential of the Marine and Blue Economy sector.
He said Nigeria’s National Blue Economy Strategy document has been finalised in partnership with the African Union Inter-African Bureau for Animal Resources (AU-IBAR) and the Kingdom of Norway.
Similarly, he said the Fisheries and Aquaculture Policy has been completed with support from The International Food Policy Research Institute (IFPRI) and WorldFish.
A breakdown of the revenue figures shows NIMASA generated ₦67,019,516,644 (compared to ₦42,309,402,396 in 2023); NPA, the highest earner, generated ₦758,260,436,573 (compared to ₦411,453,708,565); the Shippers Council generated ₦19,150,248,873 (compared to ₦21,975,198,251); and NIWA generated ₦5,894,132,507 (compared to ₦3,338,453,962).
Oyetola stressed the government’s determination to improve the efficiency and competitiveness of Nigerian ports.
As part of this effort, the number of agencies operating at the ports has been reduced from 13 to 7, with a target of four, to improve the ease of doing business at the ports.
The minister also announced that, in conjunction with NIMASA, stakeholders have been engaged to finalise arrangements for the disbursement of the Cabotage Vessel Financing Fund (CVFF).
This fund will assist indigenous shipping operators in acquiring new vessels and enhance indigenous capacity.
“The ministry is seeing to it that the correct template is put in place to ensure transparency and accountability in the disbursement of funds,” he said.
He added that efforts are underway to involve development banks in the disbursement process, with NIMASA nearing completion of this process.
On maritime security, Oyetola reiterated Nigeria’s commitment to safeguarding shipping lanes in West Africa and the Gulf of Guinea.
He highlighted the success of the Deep Blue Sea Project and the Falcon Eye Surveillance Systems, which have significantly bolstered maritime security through advanced surveillance and response capabilities.
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