Minister of marine and blue economy, Gboyega Oyetola has disclosed that the ministry recorded a revenue of N242 billion in the first quarter (Q1) of 2024.
This represents an increase of 92 per cent, compared to the corresponding quarter in 2023, when N126 billion was generated.
The minister made this known during a sectoral briefing to mark President Bola Tinubu’s first year in office.
He attributed the increase in revenue performance to a 10 per cent increase in the number of vessels calling the nation’s ports, due to strategic investments in port infrastructure in the last one-year, mooring boats, patrol vessels, and dredging of the port’s channels.
Oyetola further said revenue assurance was also tightened by deploying technology, adding that revenue generation is critical to the Tinubu-led administration.
On improving the sector’s revenue throughout the year, Oyetola said the ministry has commenced the rollout of some initiatives such as the commissioning of revenue enhancement studies focused on the ministry, its departments, and agencies.
He said the objective is to identify and block leakages while identifying recommendations to expand current revenue sources.
Oyetola also said the ministry has carried out campaigns targeting both domestic and international investors for investments in the marine and blue economy sub-sectors.
