The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has announced a remarkable 160% increase in revenue generated by agencies under his ministry, attributing the surge to sweeping reforms and a renewed focus on accountability.
Speaking last week at the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat in Lagos, Dr. Oyetola stated that the ministry’s performance reflects a deliberate shift toward transparency and efficiency.
“In 2023, our agencies generated ₦700.79 billion. By the end of 2025, this figure had risen to approximately ₦1.83 trillion. This achievement is the result of deliberate and sustained reforms,” he stated.
The Minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, the digitalization of key processes, and a firm commitment to blocking leakages.
He added that the retreat reflects a commitment to a governance approach that is inclusive, transparent, and results-driven, noting that the gathering of stakeholders and policymakers was designed to align policy with implementation and public expectations.
Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernization, the approval for the disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.
Industry stakeholders at the event including terminal operators, shipowners, trade associations, and members of the diplomatic corps commended the ministry’s performance, describing it as a sign of growing institutional discipline and rising investor confidence in Nigeria’s marine and blue economy.