Abuja, May 28, 2024 – Adegboyega Oyetola, the Minister of Marine and Blue Economy, says the four agencies and three agencies under his ministry have increased revenue generation by 92 per cent.
The four agencies are the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Shippers Council (NSC) and the National Inland Waterways Authority (NIWA).
He said the earnings of the agencies grew from N126.359 billion in the first quarter of 2023 to N242. 811billion in the first quarter of 2024.
Oyetola, said these on Tuesday in Abuja at the sectoral briefing to mark the first year in office of President Bola Tinubu.
He said the extension of the continental shelf would increase the marine resources of the country.
The minister said with reforms being put in place by President Bola Ahmed Tinubu’s administration, the Marine and Blue Economy may generate about 20,000 jobs.
According to him: “We have been able to achieve a ramp up of revenue to government in the last one year and we are poised to do more.
” A comparison of Quarter 1 of 2023 against Quarter 1 of 2024 revenue performance across the Agencies reveals a 92% increase.
“This feat was made possible through some of the deliberate steps we took upon assumption of office. For instance, in December 2023, we held a stakeholders’ engagement to examine the challenge of extortion and illegal checkpoints on the port access roads.
“The increase in revenue performance has largely been due to a 10% increase in the number of vessels calling our ports due to strategic investments in port infrastructure in the last one-year, mooring boats, patrol vessels and dredging of the port’s channels. We have also tightened revenue assurance by deploying technology.”
” We have an exclusive economic zone of over 200 nautical miles, and 10, 000 kilometres of inland waterways, capable of supporting a vibrant intra-regional trade.
“We are blessed with strategic navigational routes linking Africa with North and South America, Europe, and Asia, making the shipping industry potentially a major driver of our country’s economy.
“Let me hasten to add that the recent expansion of our continental maritime domain came at the right time. Here, we must commend Mr. President on the work of the Presidential Committee on Nigeria Extended Continental Shelf Project.
” The expansion gave us additional 16,300 square kilometers which is six times the size of Lagos State. This has no doubt added more to the marine resources base of Nigeria,” Oyetola said.
