The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola has emphasized the importance of leveraging modern audit practices to enhance revenue generation, resource management, and reduce inefficiencies in the marine and blue economy sector.
Speaking at a two-day workshop themed “Modern Audit Techniques as a Panacea to Improve Internally Generated Revenue”, which held in Abuja, the Minister, represented by the Ministry’s Permanent Secretary, Olorutola Olufemi, highlighted the challenges of revenue leakages, inefficiency, and governance gaps within the sector. He described the workshop as a step toward achieving greater accountability and efficiency.
Oyetola noted that the marine and blue economy sector presents significant opportunities to diversify Nigeria’s revenue streams beyond oil, citing areas such as fisheries, shipping, fishing licenses, oil and gas royalties, customs duties, and marine tourism. However, he stressed that these potential revenue streams are often constrained by challenges like weak collection systems and governance inefficiencies.
“As auditors, your role extends beyond reviewing accounts. You are pivotal in helping organizations achieve their objectives,” the Permanent Secretary said, urging participants to adopt lessons from the workshop and implement them effectively in their respective roles.
In his address, the Director of Audit at the Office of the Auditor General of the Federation (OAuGF), Uchechukwu Nwaede Ogwe, who represented the Auditor General, called for collaborative efforts to reform and promote accountability in the sector. He assured the Ministry of the OAuGF’s continued support in addressing systemic challenges and unlocking the marine economy’s potential.
“The marine and blue economy sector holds tremendous revenue potential. However, addressing inefficiencies and governance gaps is critical to unlocking these opportunities,” Ogwe noted.
Jumbo Obenachi Renner, the Director of Internal Audit at the Ministry, emphasized the need for innovative strategies and global best practices to maximize the sector’s potential. She noted that the workshop aims to equip auditors with the tools and knowledge necessary to rethink traditional approaches and adopt advanced auditing techniques for improved outcomes.
“This workshop is designed to help auditors embrace forward-thinking approaches that align with global standards,” Renner added in her welcome address.
The workshop, which features expert-led discussions, case studies, and strategic insights, comes at a critical time as Nigeria intensifies efforts to diversify its economy and boost non-oil revenues. It is expected to herald a new phase of efficiency and improved audit performance within the Ministry of Marine and Blue Economy.
The event was organized by the Federal Ministry of Marine and Blue Economy in collaboration with key stakeholders, demonstrating a commitment to reforms that will drive accountability, efficiency, and sustainable growth in the sector.
