By Providence Ayanfeoluwa

The Federal Ministry of Marine & Blue Economy said agencies under the ministry generated 1.83 trillion in 2025 representing a 160 percent increase from N700.79 billion in 2023.

Meanwhile, the ministry announced the advancement of the Nigerian Port Economic Regulatory Agency Bill to strengthen Nigeria’s maritime sector.

Speaking at the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat in Lagos,

Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, who gave the figure said the Ministry’s performance reflects a deliberate shift towards transparency and efficiency.

Oyetola said: “We have secured the interests of reputable international partners, including Abu Dhabi Ports Group and Bradford World, who are collaborating with us to bring this vision to fruition.

“I am further pleased to note that these entities have also expressed strong interest in investing in development and modernisation in our port infrastructure. We are also proud of Nigeria’s election to the Council of International Maritime Association in November last year.

“This achievement is not symbolic, it is a strategic step towards influencing global maritime policy in a manner that supports our national interests while also strengthening our domestic shipping industry and regulatory framework.

“In an effort to improve regulatory effectiveness, we are advancing the Nigerian Port Economic Regulatory Agency Bill.

“This initiative is designed to transform the Nigerian Shippers Council into an independent economic regulator for our port system. The objective is to ensure fairness, protect group service providers and users, and create a more transparent and efficient port environment.

“I am also pleased to note the strong revenue performance recorded by the agencies under our ministry.
“Between August 2023 and the end of 2025, the collective revenue generated by these agencies has increased by 160 percent. In 2023, the agencies generated a total of N700.79 billion. By the end of 2025, this increase is equivalent to a profit of N1.83 trillion.

“This remarkable achievement is the result of deliberate and sustained reforms, including strengthening regulatory oversight, improved revenue assurance mechanism, digitisation of key processes, enhanced transparency, and a firm commitment to blocking negatives across the system.

“The records are resolved to create institutions that are not only efficient but also financially accountable and sustainable.

“ In the fishery sector, we recorded a notable increase in local fish production from 1.1 million tonnes to 1.4 million metric tonnes in 2025.

“While this remains below the national requirement of 3.6 million metric tonnes annually, it represents meaningful progress by determining to close the gap through sustained investment and innovation. Our commitment to strengthening the fishery sector is also reflected in the ongoing development of fishery hubs and terminals.

“These facilities are essential for supporting artisan and commercial fishing activities, improving port harvests annually, and ensuring food security by providing modern infrastructure such as post storage, processing units, and a telemarketing site.”