Oyetola Presents Three-Year Scorecard, Says Blue Economy Undergoing Far-Reaching Transformation
... Sector revenues surge 160% to ₦1.83 trillion as Nigeria adopts first National Policy on Marine and Blue Economy
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, says Nigeria’s maritime sector has undergone a far-reaching transformation in the three years since President Bola Ahmed Tinubu established the Federal Ministry of Marine and Blue Economy in August 2023.
Oyetola said the Ministry had moved swiftly to unlock the economic potential of Nigeria’s 853-kilometre coastline and extensive inland waterways, positioning the marine and blue economy as a major driver of revenue, trade, security and job creation.
In the press release issued by the Special Adviser to the Honourable Minister of Marine and Blue Economy, Dr Bolaji Akinola, indicated that the Minister while presenting the Ministry’s three-year scorecard, said the reform programme had delivered measurable gains across revenue generation, port infrastructure, maritime security, regulation, indigenous shipping, human-capital development, fisheries and inland-waterway safety.
“At the heart of our mandate is a simple but powerful objective: to turn Nigeria’s vast marine resources into sustainable economic value for Nigerians,” Oyetola said.
According to the Minister, one of the clearest indicators of the progress recorded is the unprecedented growth in revenues generated by agencies under the Ministry.
The agencies generated ₦1.83 trillion in 2025, representing a 160 per cent increase over the ₦700.79 billion recorded in 2023.
Oyetola attributed the growth to regulatory reforms, stronger revenue assurance, digitisation and the systematic closure of financial leakages.
He said the improvement in revenue performance was part of a broader effort to build a more transparent, efficient and investment-friendly maritime economy.
A New Policy Framework for the Blue Economy
A major milestone in the reform programme was the approval, in May 2025, of Nigeria’s first National Policy on Marine and Blue Economy.
Oyetola said the policy marked an important departure from the fragmented approach that had characterised the management of Nigeria’s maritime resources over the years by establishing a unified framework for shipping, fisheries, offshore energy, marine biotechnology and other emerging opportunities.
“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.
The Minister said the policy was designed to guide government intervention and provide greater certainty for private-sector investment across the marine and blue economy value chain.
Modernising Nigeria’s Ports
The Minister said port modernisation has remained at the centre of the Ministry’s transformation agenda.
According to him, the Federal Government had embarked on a comprehensive programme to upgrade Nigeria’s major seaports, covering Apapa, Tin Can Island, Onne, Rivers, Calabar and Warri.
The programme includes channel improvements, modern cargo-handling infrastructure and increased digitisation of terminal operations, with the objective of improving efficiency and positioning Nigerian ports to handle larger volumes of international trade.
The reforms have also attracted international recognition.
The World Bank and S&P Global Market Intelligence ranked Tin Can Island Port 10th and the Lagos Port Complex, Apapa, 12th among the world’s 20 most improved container ports between 2020 and 2025.
Oyetola said the Government had also made significant progress in addressing the long-standing congestion around the Apapa port environment through the electronic truck call-up system, dedicated holding bays and expanded inland barging.
The acquisition of modern tugboats, pilot cutters and dredging equipment by the Nigerian Ports Authority, he added, had further strengthened port operations.
“We have moved from managing congestion to building a port system that can compete globally,” Oyetola said.
He said the Federal Government is also pursuing a broader expansion of port capacity through deep-seaport projects in Akwa Ibom, Cross River, Bayelsa, Ondo, Lagos and Rivers states.
The Minister also said that the operationalisation of Inland Dry Ports, including the Funtua Inland Dry Port in Katsina State, is similarly intended to bring cargo-handling and clearance services closer to businesses in the hinterland and reduce the pressure on coastal gateways.
Strengthening Regulation and Protecting Port Users
Oyetola said regulatory reforms had also produced tangible benefits for businesses operating within the maritime sector.
The new Nigeria Ports Economic Regulatory Authority (NPERA) framework, he said, will strengthen economic regulation of the port sector, while interventions through the Ministry and its agencies had saved port users more than ₦86 billion in unjustified demurrage.
He also said that nearly 300 commercial disputes have also been resolved through Alternative Dispute Resolution.
Oyetola said the Ministry has further introduced measures aimed at eliminating unauthorised shipping charges and strengthening freight and foreign-exchange verification in an effort to reduce leakages and curb capital flight.
He said the reforms were intended to create a maritime business environment in which legitimate operators could compete on a level playing field while protecting Nigerian businesses from avoidable costs.
Maritime Security Gains
The improvement in port efficiency has been accompanied by progress in maritime security.
Nigeria, according to Oyetola, has maintained zero piracy in its territorial waters for four consecutive years, supported by maritime security assets procured and deployed under the Deep Blue Project.
He said the achievement had helped eliminate costly piracy-related surcharges on vessels calling at Nigerian ports while reinforcing the country’s reputation as a safer maritime corridor.
The Minister said the security gains had also strengthened Nigeria’s standing within the international maritime community.
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 lifting of the 12-year United States Coast Guard Condition of Entry restrictions affecting vessels arriving from Nigerian ports.
“These achievements demonstrate that Nigeria is not only reforming its maritime sector at home; we are reclaiming our rightful voice and influence internationally,” Oyetola said.
Expanding Indigenous Participation
Oyetola also said that the Ministry remains committed to prioritising the development of indigenous shipping capacity.
He said plans are at an advanced stage to revive a national shipping carrier through a public-private partnership, while the long-awaited process for the disbursement of the Cabotage Vessel Financing Fund (CVFF) has commenced to enable Nigerian shipowners to acquire modern vessels.
“We cannot build a truly blue economy if Nigerians remain spectators in their own maritime industry,” he said.
He said human capital development has similarly received increased attention.
The Minister said seafarer training and sea-time placements have expanded opportunities for Nigerians seeking careers in the maritime industry.
Oyetola said the interventions had contributed to an increase of more than 80 per cent in average seafarer earnings.
He said the Ministry, through the Nigeria Port Economic Regulatory Agency, also facilitated a ₦200,000 monthly minimum wage for maritime and shipping workers.
Taking the Blue Economy Beyond the Ports
The Ministry’s agenda extends beyond shipping and port operations to fisheries, inland waterways, marine safety and environmental sustainability.
Oyetola said the Ministry supported the Federal Government’s Naira-for-Crude policy by streamlining marine logistics for domestic refineries.
On inland waterways, safety interventions have included the distribution of thousands of lifejackets and plans to replace unsafe wooden boats with modern fibreglass vessels.
The fisheries sector has also recorded growth, with fish production reaching 1.4 million metric tonnes in 2025, according to the Minister.
Nigeria also achieved 100 per cent compliance with Turtle Excluder Device requirements among inspected commercial shrimp trawlers, helping to safeguard marine biodiversity and protect access to international markets.
The measures, Oyetola said, reflect the Ministry’s broader approach of treating economic development and environmental sustainability as complementary objectives.
Digitising the Sector and Unlocking New Institutions
Institutional reform has also formed part of the Ministry’s three-year programme.
The Ministry has digitised its internal operations through an Enterprise Content Management System (ECMS) as part of efforts to improve efficiency, transparency and accountability, according to the Minister.
Oyetola also said the Ministry helped resolve a 16-year impasse that paved the way for the operationalisation of the Regional Maritime Development Bank (RMDB) in Nigeria.
The development, he said, would strengthen access to financing for projects and businesses across the maritime value chain.
Foundation for the Next Phase
For Oyetola, the achievements recorded over the past three years represent the foundation for a much larger economic opportunity.
The objective, he said, is to build a maritime ecosystem in which efficient ports support trade, stronger security attracts shipping, Nigerian businesses capture a greater share of the maritime value chain, coastal and inland communities benefit from new economic opportunities, and marine resources are developed sustainably.
He said the combination of rising revenues, a new national policy framework, port modernisation, stronger maritime security, improved regulation, investments in human capital and renewed international engagement had placed Nigeria’s marine and blue economy on a stronger trajectory.
“The blue economy is no longer an untapped frontier. It is becoming a major engine of national prosperity, regional competitiveness and sustainable growth,” Oyetola said.
