Oyetola's 3-Year Scorecard: Nigeria's Marine Sector Revenues Hit ₦1.83 Trillion
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- Minister Oyetola presented a three-year scorecard for the Federal Ministry of Marine and Blue Economy, covering August 2023 to 2026
- Nigeria's maritime sector revenues jumped 160% from ₦700.79bn in 2023 to ₦1.83 trillion in 2025, driven by regulatory and digital reforms
- Nigeria has recorded zero piracy in its territorial waters for four consecutive years and rejoined the IMO Council after a 14-year absence
Nigeria's Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, on August 30, 2026, presented a three-year performance report for the ministry, which President Bola Tinubu created in August 2023, outlining a series of reforms he said had fundamentally changed the country's maritime sector.
The headline figure from the scorecard is revenue. Agencies under the ministry generated ₦1.83 trillion in 2025, up from ₦700.79 billion in 2023, a rise of 160 per cent. Oyetola credited the growth to tighter regulation, digitisation, and the blocking of financial leakages across agency operations.
Source: Original
Nigeria's First Blue Economy Policy
A key milestone from the period was the approval, in May 2025, of Nigeria's first National Policy on Marine and Blue Economy, which Oyetola described as replacing years of fragmented maritime governance with a single framework covering shipping, fisheries, offshore energy, and marine biotechnology.
"This policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably," he said.
Ports, Security, and International Recognition
On port modernisation, the minister said the Federal Government has been upgrading Apapa, Tin Can Island, Onne, Rivers, Calabar, and Warri seaports. The World Bank and S&P Global Market Intelligence ranked Tin Can Island Port 10th and Lagos Port Complex, Apapa, 12th among the world's 20 most improved container ports between 2020 and 2025.
Regulatory reforms also saved port users more than ₦86 billion in unjustified demurrage charges, while nearly 300 commercial disputes were resolved through Alternative Dispute Resolution.
Nigeria has now recorded zero piracy in its territorial waters for four consecutive years, supported by assets deployed under the Deep Blue Project. The security improvement, Oyetola said, eliminated piracy-related surcharges on vessels using Nigerian ports.
In November 2025, Nigeria regained its seat on the International Maritime Organization's Category C Council after a 14-year absence. Through the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria also secured the removal of a 12-year United States Coast Guard Condition of Entry restriction on vessels from Nigerian ports.
Seafarer Pay, Fisheries, and Inland Waterways
The minister said seafarer earnings rose by more than 80 per cent under the ministry's human capital programme, with a ₦200,000 monthly minimum wage also secured for maritime and shipping workers through the Nigeria Port Economic Regulatory Agency.
Fish production reached 1.4 million metric tonnes in 2025. Nigeria also achieved 100 per cent compliance with Turtle Excluder Device requirements among inspected commercial shrimp trawlers. On inland waterways, the ministry distributed lifejackets and announced plans to phase out wooden boats in favour of fibreglass vessels.
Oyetola also said a 16-year impasse was resolved, paving the way for the operationalisation of the Regional Maritime Development Bank in Nigeria, and that plans to revive a national shipping carrier through a public-private partnership are at an advanced stage.
"The blue economy is no longer an untapped frontier. It is becoming a major engine of national prosperity, regional competitiveness and sustainable growth," he said.
Source: Legit.ng
