Nigeria's Maritime Revenue Soars to N1.83tn in Two Years

Adegboyega Oyetola, the Minister of Marine and Blue Economy, announced a significant increase in Nigeria's maritime revenue, which rose from N700 billion in 2023 to N1.83 trillion by the end of 2025. This growth is credited to the elimination of piracy, the clearance of the Apapa port gridlock, and renewed investor confidence.

Oyetola made these remarks during the Blue Economy Investment Summit in Abuja, organized by the Maritime Innov Hub. He emphasized that the improvements reflect enhanced efficiency and transparency in the regulatory structure since he assumed office.

The Nigerian government has secured $746 million to modernize the Apapa and Tin Island ports, with upgrades expected to begin in the upcoming quarter. The reforms aim to restore safety and security in the maritime domain and attract private sector investment.

Frederik Klink, CEO of APM Terminals Nigeria, highlighted the importance of regulatory consistency and the need for deeper port channels to enhance Nigeria's competitiveness in the global maritime stage.