By Faith Anisiobi, The Sight News
Nigeria’s maritime sector generated a record ₦1.83 trillion in revenue in 2025, representing a 160 per cent increase from the ₦700.79 billion recorded in 2023, the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has disclosed.
Oyetola made the disclosure while presenting the three-year scorecard of the Federal Ministry of Marine and Blue Economy, established by President Bola Ahmed Tinubu in August 2023.
The Minister said the administration had, within three years, implemented wide-ranging reforms aimed at unlocking the economic potential of Nigeria’s 853-kilometre coastline and extensive inland waterways.
According to him, the reforms have produced gains in 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,” he said.
Oyetola attributed the increase in revenue to regulatory reforms, improved revenue assurance, digitization and measures to close financial leakages.
He said the improved revenue performance was part of efforts to establish a more transparent, efficient and investment-friendly maritime economy.
Nigeria Adopts First Blue Economy Policy
The Minister identified the approval of Nigeria’s first National Policy on Marine and Blue Economy in May 2025 as one of the major milestones recorded by the ministry.
He said the policy provided a unified framework for developing shipping, fisheries, offshore energy, marine biotechnology and other emerging opportunities, replacing the fragmented approach previously adopted in managing the country’s marine resources.
“This policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably,” Oyetola said.
He added that the policy would guide government interventions while providing greater certainty for private-sector investment across the marine and blue economy value chain.
Oyetola said port modernization remained at the centre of the ministry’s transformation agenda, with comprehensive upgrades ongoing at Apapa, Tin Can Island, Onne, Rivers, Calabar and Warri ports.
The programme, he said, includes channel improvements, modern cargo-handling infrastructure and increased digitization of terminal operations to improve efficiency and enable Nigerian ports to handle larger volumes of international trade.
He noted that 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.
According to him, the government has also made progress in tackling congestion around the Apapa port 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,” he said.
Oyetola also disclosed that the government was expanding port capacity through deep-seaport projects in Akwa Ibom, Cross River, Bayelsa, Ondo, Lagos and Rivers states.
He said the operationalization of inland dry ports, including the Funtua Inland Dry Port in Katsina State, would bring cargo-handling and clearance services closer to businesses in the hinterland and reduce pressure on coastal ports.
₦86bn Demurrage Savings
The Minister said regulatory reforms had also yielded significant benefits for businesses in the maritime sector.
He said the new Nigeria Ports Economic Regulatory Authority (NPERA) framework would strengthen economic regulation of the port sector, while interventions by the ministry and its agencies had saved port users more than ₦86 billion in unjustified demurrage.
Nearly 300 commercial disputes, he added, had been resolved through Alternative Dispute Resolution.
Oyetola further said measures had been introduced to eliminate unauthorized shipping charges and strengthen freight and foreign-exchange verification, with the aim of reducing leakages and curbing capital flight.
Nigeria Records Four Years Without Piracy
On maritime security, Oyetola said Nigeria had maintained zero piracy in its territorial waters for four consecutive years, attributing the feat to maritime security assets deployed under the Deep Blue Project.
He said the achievement had helped eliminate costly piracy-related surcharges on vessels calling at Nigerian ports while improving Nigeria’s reputation as a safer maritime corridor.
Nigeria, he added, regained its seat on the International Maritime Organization’s Category C Council in November 2025 after a 14-year absence.
Through the Nigerian Maritime Administration and Safety Agency, NIMASA, the country 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.
FG Moves to Revive National Shipping Carrier
The Minister said efforts were at an advanced stage to revive a national shipping carrier through a public-private partnership.
He also disclosed that the long-awaited disbursement of the Cabotage Vessel Financing Fund, CVFF, had 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.
Oyetola said human capital development had also received greater attention, with expanded seafarer training and sea-time placements creating more opportunities for Nigerians seeking careers in the maritime industry.
He added that the interventions had contributed to an increase of more than 80 per cent in average seafarer earnings.
Fish Production Hits 1.4m Tonnes
The Minister said the ministry’s blue economy agenda extended beyond ports and shipping to fisheries, inland waterways, marine safety and environmental sustainability.
He said the ministry supported the Federal Government’s Naira-for-Crude policy by streamlining marine logistics for domestic refineries.
On inland waterways, he said safety measures included the distribution of thousands of lifejackets and plans to replace unsafe wooden boats with modern fibreglass vessels.
Fish production, according to him, reached 1.4 million metric tonnes in 2025.
He further disclosed that Nigeria achieved 100 per cent compliance with Turtle Excluder Device requirements among inspected commercial shrimp trawlers, helping to protect marine biodiversity and preserve access to international markets.
Oyetola said the ministry had also digitized its internal operations through an Enterprise Content Management System to improve efficiency, transparency and accountability.
He said the ministry also helped resolve a 16-year impasse that paved the way for the operationalizing of the Regional Maritime Development Bank in Nigeria.
According to him, the development would improve access to financing for projects and businesses across the maritime value chain.
The Minister said the achievements of the past three years had laid the foundation for a broader transformation of Nigeria’s marine and blue economy.
He said the goal was to build a maritime ecosystem where efficient ports support trade, improved security attracts shipping, Nigerian businesses capture a greater share of the maritime value chain, and coastal and inland communities benefit from new economic opportunities.
“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.
