Applause, As Marine and Blue Economy Announces 160% Surge in Revenue, Oyetola Links Growth to Reform Agenda

Applause, As Marine and Blue Economy Announces 160% Surge in Revenue, Oyetola Links Growth to Reform Agenda

R-L: Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola; Permanent Secretary of the Ministry, Mrs. Fatima Mahmood and the Managing Director of Nigerian Ports Authority, Dr. Abubakar Dantsoho, during the signing of the 2026 performance bonds between the Minister and heads of maritime agencies in Lagos on Thursday.

It was a hall filled with resounding applause yesterday Thursday April 1st, 2026, when the Ministry of Marine and Blue Economy reeled out revenue collection from various agencies under the ministry during the its 2026 first Quarter performance retreat.

Chief Adegboyega Oyetola CON, the Minister of Marine and Blue Economy, had earlier announced a remarkable 160 percent increase in revenue generated by agencies under his Ministry, as he attributed the surge to sweeping reforms and a renewed focus on accountability.

At the event, 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat held at Eko Hotel in Lagos, Dr. Oyetola said the Ministry’s performance reflects a deliberate shift towards transparency and efficiency.

In his words as contained in the press statement signed by his Special Adviser, Dr Bolaji Akinola, “In 2023, our agencies generated ₦700.79 billion. By the end of 2025, this figure had risen to approximately ₦1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms”.

Oyetola however explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.

“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.

He also linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.

Meanwhile, Industry stakeholders at the event, including terminal operators, shipowners, trade associations and the diplomatic corps, commended the Ministry’s performance, describing it as a sign of growing institutional discipline and investor confidence in Nigeria’s marine and blue economy.