By Joshua Yousouph
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has announced a 160 per cent increase in revenue generated by agencies under the ministry, attributing the growth to sweeping reforms, while also assuring that the Federal Government’s port modernisation drive will be implemented across the country, including upgrades to eastern ports.
Oyetola made this known on Thursday during the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat held in Lagos.
According to him, revenue generated by agencies under the ministry rose from ₦700.79 billion in 2023 to approximately ₦1.83 trillion by the end of 2025, describing the increase as a reflection of deliberate policy reforms aimed at enhancing transparency and efficiency.
He noted that the revenue growth was driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and sustained efforts to block leakages within the system.
“This remarkable achievement is the result of deliberate and sustained reforms,” the minister stated, adding that the engagement forum underscores the ministry’s commitment to inclusive, transparent, and results-driven governance.
The minister further revealed that approvals have been granted for the development of new deep seaports in Bayelsa, Cross River, Akwa Ibom, and Ondo States, noting that the projects are expected to expand Nigeria’s maritime capacity, decongest existing ports, and open up new economic corridors.
He added that the initiative aligns with the Federal Government’s economic diversification agenda and is projected to stimulate trade, lower the cost of doing business, and attract investments across sectors.
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 improving institutional discipline and growing investor confidence in Nigeria’s marine and blue economy.
