Oyetola's Marine Ministry Boasts N1.83tn Earnings, Plans National Shipping Line Revamp

Dr. Adegboyega Oyetola, the Minister overseeing the Marine and Blue Economy portfolio, recently announced significant transformations within Nigeria's maritime sector. Speaking over the weekend, he highlighted that the ministry, established by President Bola Tinubu three years ago, generated a substantial N1.83 trillion by 2025. This figure represents a remarkable 160 percent increase compared to the N700.79 billion recorded in 2023.

Minister Oyetola underscored that enhancing indigenous shipping capacity remains a key focus. He revealed ongoing initiatives to re-establish a national shipping carrier through a Public-Private Partnership (PPP) model. Furthermore, the long-awaited process for disbursing the Cabotage Vessel Financing Fund (CVFF) has commenced, aiming to empower Nigerian shipowners to acquire contemporary vessels. Oyetola emphasized, “We cannot build a truly blue economy if Nigerians remain spectators in their own maritime industry.”

The ministry, Oyetola stated, has been proactive in tapping into the economic potential of Nigeria's 853-kilometre coastline and extensive inland waterways. This strategic positioning aims to make the marine and blue economy a primary engine for revenue generation, trade, security, and job creation.

In a statement released from Abuja, the minister attributed the notable surge in earnings to several factors, including regulatory reforms, enhanced revenue assurance, widespread digitisation, and the systematic closure of financial leakages. He articulated the core mission, saying, “At the heart of our mandate is a simple but powerful objective: to turn Nigeria’s vast marine resources into sustainable economic value for Nigerians.”

The reform efforts were further solidified in May 2025 with the endorsement of Nigeria's inaugural National Policy on Marine and Blue Economy. Oyetola explained that this policy effectively concludes decades of disjointed approaches to the sector by creating a cohesive framework that encompasses shipping, fisheries, offshore energy, marine biotechnology, and other emerging opportunities. He affirmed, “This policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably.”

Another critical component of this transformation, according to the minister, has been the modernisation of port infrastructure. He detailed the launch of the most ambitious upgrade program for Nigeria’s major seaports in five decades. This comprehensive initiative covers key ports such as Apapa, Tin Can Island, Onne, Rivers, Calabar, and Warri. The program includes deepening channels to accommodate larger vessels, installing modern cargo-handling equipment, and digitalising terminal operations.

These ongoing reforms are already garnering international recognition. Both the World Bank and S&P Global Market Intelligence have ranked Tin Can Island Port 10th and the Lagos Port Complex, Apapa, 12th among the world’s top 20 most improved container ports between 2020 and 2025.

Oyetola also highlighted the ministry's success in resolving the decades-old Apapa port gridlock through the implementation of an electronic truck call-up system, establishment of dedicated holding bays, and expansion of inland barging services. He added that the Nigerian Ports Authority’s (NPA) acquisition of modern tugboats, pilot cutters, and dredging equipment has further streamlined port operations. The minister remarked, “We have moved from managing congestion to building a port system that can compete globally.”

Nigeria’s maritime security profile has also seen significant improvement. Oyetola confirmed that the country has maintained zero piracy incidents in its territorial waters for four consecutive years, a feat largely supported by maritime security assets procured under the Deep Blue Project. This achievement, he noted, has eliminated costly piracy-related surcharges on vessels calling at Nigerian ports, solidifying the nation's reputation as a secure maritime corridor.

These security gains are complemented by diplomatic successes. In November 2025, Nigeria successfully reclaimed its seat on the International Maritime Organization’s Category C Council after a 14-year absence. Furthermore, the ministry, through the Nigerian Maritime Administration and Safety Agency (NIMASA), secured the lifting of the 12-year US Coast Guard Condition of Entry restrictions on vessels arriving from Nigerian ports. Oyetola underscored, “These achievements demonstrate that Nigeria is not only reforming its maritime sector at home; we are reclaiming our rightful voice and influence internationally.”

To expand capacity beyond existing facilities, the ministry is actively advancing deep seaport projects across Akwa Ibom, Cross River, Bayelsa, Ondo, Lagos, and Rivers states. The operationalisation of Inland Dry Ports, including the Funtua Inland Dry Port in Katsina State, is similarly bringing port and cargo-clearance services closer to businesses in the hinterland.

The new Nigeria Ports Economic Regulatory Authority (NPERA) Act has further strengthened port regulation. Interventions by this agency have reportedly saved port users over N86 billion in unjustified demurrage charges and resolved nearly 300 commercial disputes through Alternative Dispute Resolution (ADR). The minister also stated that the ministry moved swiftly to eliminate unauthorized practices...