Lagos, Nigeria – The Minister of Marine and Blue Economy, Adegboyega Oyetola, has disclosed that the ministry generated N1.83 trillion (approximately $1.17 billion) in revenue in 2025, representing a 160 percent increase from the N700.79 billion recorded in 2023.
Okay News reports that Oyetola made the disclosure on Thursday during a stakeholder engagement and sectoral performance review held in Lagos. He attributed the revenue growth to deliberate policy reforms focused on transparency, improved operational systems, strengthened regulatory oversight, and digitalisation of key processes.
The minister noted that the gains reflect a shift towards stronger institutional discipline and effective revenue management. The Federal Government has set a target of N2 trillion in annual revenue from the blue economy sector by 2027, with measures including automating revenue collection systems and leveraging public-private partnerships.
Oyetola linked the ministry’s performance to ongoing port modernisation efforts, including the approval for the disbursement of the Cabotage Vessel Financing Fund to support indigenous operators. He highlighted efforts to increase local participation in maritime activities, which are boosting investor confidence.
The ministry’s reforms are supported by a recent £746 million (approximately $925 million) financing agreement with the United Kingdom to modernise Apapa and Tin Can Island ports. The investment is expected to enhance port efficiency, improve trade logistics, and further strengthen revenue generation.
This marine revenue growth demonstrates the impact of institutional reforms and digitalisation in Nigeria’s blue economy sector. Sustained marine revenue growth will depend on continued infrastructure investment and policy consistency.
 in revenue in 2025, representing a 160 percent increase from the N700.79 billion recorded in 2023.){kind=link}