₦airaland Forum

Maritime revenue jumps from N700bn to N1.83tr in two years - Oyetola

Nigeria's maritime sector sees revenue leap to N1.83tn in two years, driven by reforms that ended piracy, cleared port gridlocks, and boosted confidence....

The Minister of Marine and Blue Economy, Adegboyega Oyetola, on Thursday said Nigeria’s maritime sector had recorded significant improvements under this administration, citing the elimination of piracy, clearance of Apapa port gridlock, rising revenue and renewed investor confidence.

Oyetola disclosed this on Thursday at the Blue Economy Investment Summit in Abuja, organised by the Maritime Innovations Hub in collaboration with the Ministry of Marine and Blue Economy.

According to him, the ministry recorded significant revenue growth since he assumed office, attributing the increase to transparency reforms, automation and stricter regulatory oversight.

“In 2023, when I assumed office, agencies under the ministry generated about N700.79bn. By the end of 2025, this rose to about N1.83tn. This remarkable improvement reflects enhanced efficiency, transparency and improved regulatory structure,” the minister said.


The minister also said Nigeria had maintained zero piracy incidents in its waters for over four years through the Deep Blue Programme, while the long-standing Apapa port gridlock had been cleared for the first time in two decades.

“We have restored safety and predictability to our maritime domain. These achievements are not accidental but the result of deliberate reforms aimed at building a secure and efficient marine economy,” he said.

He added that the reforms had significantly improved investor confidence and repositioned Nigeria as a competitive maritime destination in West Africa.

“For the first time in our history, we have developed and launched a new international policy on the marine and blue economy — a comprehensive and forward-looking framework that clearly articulates a vision, establishes strategic priorities and provides certainty and confidence in investment. This policy has become our tool for action,” Oyetola stated.

The minister further disclosed that the government had secured $746m in financing to modernise Apapa and Tin Can Island ports, with implementation scheduled to begin this quarter.

According to him, the upgrade is expected to boost capacity, enhance operational efficiency and align Nigeria’s port infrastructure with global standards.

This achievement has not only enhanced safety and security but also restored investor confidence in our maritime domain. We have regained our place on the global maritime stage, leading to renewed international confidence in our governance, performance and leadership within the maritime sector,” he said.

Oyetola also said the ministry had opened new investment opportunities across fisheries, aquaculture, port infrastructure and maritime logistics.

“There are substantial investment opportunities across the entire value chain, including modern fishing fleets, fishing harbours, landing sites, cold storage facilities, processing zones, packaging and export infrastructure. Together, we have designed an attractive platform for private sector participation, job creation and economic growth,” he added.

The remarks come amid ongoing efforts by the Federal Government to harness the maritime sector as a major revenue source under the blue economy agenda championed by the Minister of Marine and Blue Economy, with reforms targeting port efficiency, maritime security and increased private sector investment

In his keynote address, the Chief Executive Officer of APM Terminals Nigeria, Frederik Klinke, cautioned that geopolitical tensions and disruptions in global shipping routes were driving up freight costs and increasing uncertainty in international trade.

He, however, said Nigeria was making steady progress through reforms such as the National Single Window platform, which is expected to cut cargo clearance time to 48 hours.

Klinke disclosed that APM Terminals had invested over $600 million in Nigeria, including renewable energy projects and port automation, adding that export volumes had risen due to improved efficiency and infrastructure.

He called for sustained regulatory consistency, deeper port channels, and full digital integration of the maritime ecosystem to enhance Nigeria’s competitiveness.

Also speaking, Executive Secretary of the Nigerian Shippers’ Council, Pius Akutah, identified weak maritime connectivity as a major obstacle to the successful implementation of the African Continental Free Trade Area.

Earlier, the Chief Executive Officer of Maritime Innovation Hub, Princess Ronke Kosoko, said the summit aimed to connect investors with opportunities while promoting innovation and youth participation in the sector.

She emphasised the need for collaboration and modern financing models to unlock investments, noting that technology had expanded participation beyond physical attendance.

https://punchng.com/maritime-revenue-jumps-from-n700bn-to-n1-83tn-in-two-years-oyetola

with all this FG are still borrowing money so please what is the good news there?

And who is pocketing the revenue?

Celebrating while the masses are frowning

No be only jump nah gallop.

Yet the fraud has borrowed more than Buhari 8 years in just 3 years.

Ask dem where the money is ....e dn disappear.,. borrow borrow c!minals

So?.... it's Yekini, his cronies and maybe laptop boys that will most likely feel the impact of the jump and not average Nigerians. .

Propaganda dem wan use finish their mumu followers 😁

Noted.

Please invest the funds in Agricultural / Development.

You mean revenue dropped from 1.4 billion dollars to 1.2 Billion dollars?

Please convert it to Dollar let's check something.

This one jumped backward

with inflation, don't fool us now. the charges went up and exchange rate.

You have taxed the living daylight out of them
I guess we should clap for your for your ingenuity in increasing taxes
Dumbos

What a good development.
But hope the money is working for us or against us!

Na everything una dey embezzle. No real impact on the masses. Even the celebrities are lamenting on social media. Na statistics we go chop. E kosi danu

Tinubu government tried in this sector. Wow good news here.

This is how we get deceived by statistics. How is this even possible? Our exports have not increased so how? Unless it's because the idiot government devalued our currency and now it makes import duties make more. So in the end we are getting taxed even more. This is why statistics need to be studied properly. This is dubious behaviour.

After the profit Wer all the money go?

Abi na only for paper we go they see Trillions and Billions?.

This government made more revenue than other governments in Nigeria history

This government borrowed more money than any government in Nigeria history

This government is stealing more money than any other government in Nigeria history

Heat gain = Heat loss

So there’s nothing to celebrate here

This government made more revenue than other governments in Nigeria history

This government borrowed more money than any government in Nigeria history

This government is stealing more money than any other government in Nigeria history

Heat gain = Heat loss

So there’s nothing to celebrate here

Give otti this generated revenue as a president and Yorubas will chase Yekini back to Guinea 🇬🇳 by themselves if tribalism will allow them do that…

To what end? Data boys, where at thou? Time to gloat on imaginary figure

Ok , we BAdtist finally got something to campaign with after the coastal road .

Okay no problem check my profile

Audio.

Ask them to give account of the money.

What do you expect when our naira is as useless as the letter p in psychology
700 billion two years ago is about 3 trillion today it's a loss mr blue economy

Scam!

After all the propaganda, they'll still continue borrowing more that all the previous presidents combined

A silent achiever. Well done..

It means nothing to the common man

Nastrademus:
What do you expect when our naira is as useless as the letter p in psychology

Exactly. These snakes are selling their incompetence as progress. For once in my life I want to see development happen in this country without It being a lie, a technicality or just irrelevant.