Nigeria’s marine and blue economy sector recorded a major revenue surge in 2025, with agencies under the Federal Ministry of Marine and Blue Economy generating N1.83 trillion following sweeping reforms, digitalisation and ongoing port modernisation projects.
Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, disclosed this during a three-in-one stakeholders’ engagement and performance retreat held in Lagos, where heads of agencies under the ministry also signed performance bonds aimed at deepening accountability and results-driven governance.
According to the minister, revenue in the sector rose by about 160 per cent from approximately N770 billion in 2023 to N1.83 trillion by the end of 2025, driven by deliberate reforms focused on transparency, stronger regulatory oversight, improved institutional performance and digital transformation.
Oyetola said the reforms were repositioning Nigeria to become a leading maritime hub in West and Central Africa through infrastructure expansion, enhanced financing access, regulatory clarity and greater private sector participation.
He identified the ongoing modernisation of Apapa and Tin Can Island ports as critical projects expected to improve operational efficiency, reduce vessel turnaround time and lower logistics costs. The projects are backed by financing support from UK Export Finance.
“This is not just infrastructure renewal; it is a transformative intervention that will ease congestion, lower the cost of doing business and stimulate trade and investment across multiple sectors,” the minister said.
Addressing concerns over concentration of investments in Lagos ports, Oyetola revealed that procurement processes had commenced for the upgrade of Warri, Port Harcourt, Onne and Calabar ports, while approvals had also been secured for the development of deep seaports in Agge, Bakassi, Bonny and Ondo.
He explained that the projects would expand maritime capacity, create new economic corridors and strengthen Nigeria’s position as a regional maritime gateway.
The minister also highlighted plans to improve multimodal logistics through inland dry ports in Funtua, Moniya and Jos to ease pressure on seaports and improve access to shipping services for businesses in the hinterland.
As part of efforts to strengthen indigenous participation in shipping, Oyetola said the Cabotage Vessel Financing Fund application portal became operational in January 2026, describing the initiative as a major step towards empowering local shipowners and retaining maritime value within the economy.
He further disclosed that discussions were advancing on the establishment of a national shipping carrier in partnership with international investors, including Abu Dhabi Ports Group.
On regulatory reforms, the minister said the government was pushing the Nigerian Shipping and Port Economic Regulatory Agency Bill, which seeks to transform the Nigerian Shippers’ Council into an independent port economic regulator to ensure transparency and fairness within the port system.
Oyetola also cited Nigeria’s election into the Council of the International Maritime Organisation as a strategic achievement that would strengthen the country’s influence in shaping global maritime policies.
Speaking on maritime security, the minister noted that Nigeria had remained piracy-free since 2021 due to sustained collaboration between security agencies and the Deep Blue Project implemented alongside the Nigerian Navy.
He added that local fish production increased from 1.1 million tonnes to 1.4 million tonnes in 2025, although still below the country’s estimated annual demand of 3.6 million metric tonnes. According to him, government investments in fish terminals, cold storage and processing facilities are expected to improve production and market access for fishing communities.
Oyetola also urged state governments to phase out unsafe wooden boats and invest in safer alternatives, warning that many ageing vessels on inland waterways now pose serious risks to passengers.
Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, said the Port Community System, which serves as a precursor to the National Single Window platform, had reached about 90 per cent completion and was awaiting final approval from the Federal Executive Council.
He noted that the National Single Window, launched on March 27, was already improving trade processes and operational efficiency across the economy.
Dantsoho further revealed that Nigeria exported about 500,000 tonnes of refined petroleum products by sea to other African countries within the last month, attributing the development to reforms introduced by the ministry.
Executive Secretary of the Nigerian Shippers’ Council, Dr. Pius Akutah, also confirmed that presidential approval had been secured for the implementation of the International Cargo Tracking Note system.
According to him, measures had been put in place to ensure the project, which suffered repeated suspensions in the past, would be fully implemented before the end of the year.
Other stakeholders at the event, including representatives of the Nigerian Navy, the Royal Danish Embassy and regional maritime organisations, pledged support for Nigeria’s blue economy agenda, maritime security and sustainable shipping development.
Permanent Secretary of the Ministry, Fatima Sugra Mahmood, stressed the importance of stronger inter-agency collaboration, data integrity and disciplined implementation of policies, noting that the ministry’s success would ultimately be measured by tangible results.
Oyetola reiterated that the Ministry’s long-term vision remains focused on using Nigeria’s marine resources to drive economic diversification, job creation, food security and foreign exchange earnings.
“Our vision is to unlock the full potential of Nigeria’s marine resources as a catalyst for economic diversification, job creation, food security and foreign exchange earnings,” he said.
