Marine Ministry Revenue to Hit N1.83 Trillion by 2025

The Marine Ministry, led by Minister Adegboyega Oyetola, announced that its revenue is expected to reach N1.83 trillion by 2025, marking a significant 160% increase from the N700.79 billion recorded in 2023. This disclosure was made during a stakeholder engagement session held in Lagos as part of a sector performance review and management retreat.

Oyetola emphasized that the revenue growth is a direct result of deliberate policy reforms aimed at enhancing transparency and operational efficiency within the sector. He noted improvements in regulatory oversight and the implementation of revenue assurance mechanisms, including the deployment of technology and public-private partnerships.

The minister highlighted that these reforms are designed to align policy direction with public expectations and boost investor confidence in Nigeria's marine blue economy. Additionally, ongoing investments are expected to upgrade Nigeria's port infrastructure, further enhancing trade logistics and revenue generation within the sector.