The four agencies operating under the Marine and Blue Economy generated revenue of Nine 850 billion in the year 2024.
This was a 77 per cent growth compared to the amount generated by the agencies in the previous year.
The agencies include the Nigerian Maritime Administration and Safety Agency (NIMASA), Lagos; Nigerian Shippers Council (NSC); the Nigerian Ports Authority (NPA) and the National Inland Waterways Authority (NIWA).
Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this in Lagos during an interactive session with journalists where he reeled out the achievements of his ministry in the last one year.
He stated that the ministry, with its agencies have achieved a ramp up of revenue to the government in the last one year and poised to do more.
Oyetola also disclosed plans to establish a new national flag carrier in the maritime sector, explaining that it is going to be strictly through the public private partnership (PPP) arrangement.
He said the ministry has taken bold steps towards harnessing the potential in the nation’s Marine and Blue Economy sector, adding that the federal government had concluded the development of Nigeria’s National Blue Economy Strategy document.
This, according to the minister, was done in partnership with African Union Inter-African Bureau for Animal Resources (AU-IBAR) and the Kingdom of Norway.
He said the government has similarly finalised the Fisheries and Aquaculture Policy through the support of The International Food Policy Research Institute (IFPRI) and WorldFish,
A breakdown of the revenue generated by the four agencies in the last one year compared to the previous year indicated that NIMASA raked in N67,019, 516,644 as against 42,309,402,396 in 2023.
NPA which is the highest revenue earner generated N758,260,436,573 in 2024 as against N411,453,708,565 in the previous year while the Shippers Council generated N19,150,248,873 as against N21,975,198,251. NIWA on its part generated N5,894,132,507 in 2024 compared to N3,338,453, 962 generated last year.
Oyetola said that the federal government was determined to improve the efficiency and competitiveness of the Nigerian ports to position them to deliver optimal performance for stakeholders.
He explained that as part of improving the ease of doing business at the ports, the federal government has succeeded in reducing the number of agencies at the ports from 13 to 7, adding, “Our target is four and we are working on that.”
On the national carrier, Oyetola clarified that the one being proposed would not be that of the defunct Nigerian National Shipping Line (NNSL), saying a committee is in place to midwife the project which would be driven through a PPP arrangement.
The minister further explained that in concert with NIMASA, the ministry has engaged stakeholders to finalise arrangements for the disbursement of the Cabotage Vessel Financing Fund (CVFF).
On Maritime Security and Safety, the minister explained that Nigeria remains committed to safeguarding the crucial shipping lanes that traverse West Africa and the Gulf of Guinea.
He said 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.
