The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has announced a remarkable 160 per cent increase in revenue generated by agencies under his Ministry, attributing the surge to sweeping reforms and a renewed focus on accountability.
Speaking on Thursday at the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat in Lagos, Dr. Oyetola said the Ministry’s performance reflects a deliberate shift towards transparency and efficiency.
“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,” he stated.
The Minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.
“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.
Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.
Industry stakeholders at the event, including terminal operators, shipowners, trade associations and the diplomatic corps, commended the Ministry’s performance, describing it as a sign of growing institutional discipline and investor confidence in Nigeria’s marine and blue economy.