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The Federal Ministry of Marine & Blue Economy and its agencies generated a total revenue of N850.324 billion between January and November 2024.
This amount represents an increase of 77.49 per cent compared with N479.076 billion recorded in the same period of 2023.
Minister of Marine and Blue Economy, Adegboyega Oyetola, who disclosed this in Lagos during an interactive session with the media said the ministry, with its agencies, has achieved a ramp up of revenue to government in the last one year and is poised to do more.
Analysis of the revenue generated, according to the minister, showed that the Nigerian Maritime Administration and Safety Agency (NMASA) collected N67.019 billion within the reviewed period as against N42.309 billion recorded in the preceding year; Nigerian Ports Authority (NPA) generated N758.260 billion in 2024 as against N411.453 billion achieved in the previous year.
Also, the Nigerian Shippers Council (NSC) and National Inland Water Ways Authority (NIWWA) recorded revenue of N19.150 billion and N5.894 billion respectively compared with N21.975 billion and N3.338 billion record ed in the 2023 financial year.
The minister also disclosed that the government is implementing the National Single Window (NSW) project as part of measures to further enhance trade facilitation.
He explained that this digital platform would streamline trade compliance processes, link ports with relevant government agencies and stakeholders and create a seamless, efficient system.
To complement this NSW, he said “the Ministry and NPA are finalizing the Port Community System, an electronic platform to centralize and automate processes among stakeholders in port services,” adding that Mr. President Tinubu has provided the political will and support for the take-off of the project, which holds the capacity to increase cargo dwell time at the Nigerian Seaports.
Speaking further he said “The Port Community System (PCS), will serve as a One Stop Shop for all the stakeholders in the Port System. “It is part of the digitalization of port processes and operations and NPA is working hard to institute the PCS.”
The Minister further said that the Ministry has initiated consultations to reduce the number of agencies at the sea ports to a maximum of seven (7) to fast-track port processes and improve ease of doing business.
On the Shipping and Maritime Trade, he said the ministry, in concert with its agencies, has constituted a National Fleet Implementation Committee to establish a private-sector-led national flag carrier.
This initiative according to him aims to create employment, reposition the maritime sector, and generate revenue for the government.
He stated that the creation of two new departments in the Ministry namely -Marine Abiotic Resources; and Marine Conservation Innovation and Technology will enhance marine resource management and conservation efforts.
The Minister said the new departments will lead to sustainable management of resources, attracting investments, creating jobs, and generating revenue, adding that it is part of efforts to a sustainable blue economy.
Oyetola said that Nigeria remains committed to safeguarding the crucial shipping lanes that traverse West Africa and the Gulf of Guinea.
He stated that the implementation of the Deep Blue Sea Project and the Falcon Eye Surveillance Systems, featuring advanced surveillance and response systems, has significantly strengthened maritime security, noting that these efforts have sustained our zero-piracy record in the region in the last three years. By deploying cutting-edge maritime security assets, Nigeria has cemented its role as a critical guardian of maritime security.
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