Marine and Blue Economy Ministry Generates N242bn in Q1 2024
The Ministry of Marine and Blue Economy, led by Minister Adegboyega Oyetola, reported a substantial revenue of N242 billion in the first quarter of 2024. This marks a significant 92 percent increase from the N126 billion generated in the same period in 2023.
During a ministerial sectoral update in Abuja to commemorate President Bola Tinubu’s first year in office, Oyetola detailed the impressive financial performance of the ministry.
Breakdown of Revenue Growth
- Nigerian Ports Authority (NPA): Revenue surged from N82.98 billion in Q1 2023 to N170.49 billion in Q1 2024.
- Nigerian Maritime Administration and Safety Agency (NIMASA): Income rose from N37.4 billion in Q1 2023 to N62.15 billion in Q1 2024.
- Nigerian Shippers Council (NSC): Earnings increased from N4.88 billion in Q1 2023 to N8.68 billion in Q1 2024.
- National Inland Waterways Authority (NIWA): Revenue grew from N1.09 billion in Q1 2023 to N1.49 billion in Q1 2024.
Strategic Measures and Initiatives
Oyetola attributed the revenue growth to several strategic measures:
- Increased Port Activity: A 10 percent rise in the number of vessels calling at Nigerian ports due to investments in port infrastructure.
- Enhanced Security: Improved port facilities and advanced technological implementations in revenue collection.
- Infrastructure Development: Completion of key projects such as the Funtua Dry Port and rehabilitation of access roads in major ports. Collaboration with the Federal Ministry of Works has led to the repair of critical port roads, enhancing efficiency and economic growth.
- Resolution of Long-standing Issues: Efforts to resolve congestion and illegal checkpoints on port access roads, notably improving the Tin-Can Island Port corridor.
- Promotion of Inland Dry Ports: Initiatives to de-congest seaports and reduce transportation costs. The Funtua Dry Port, commissioned in May 2024, is set to streamline business operations and boost trade.
Focus on Fisheries and Aquaculture
The ministry’s agenda also emphasizes fisheries and aquaculture:
- Partnerships: An agreement with Delta Systematics Group to position Nigeria as a leader in fish production.
- Department of Fisheries: Transition of this department to the Ministry of Marine and Blue Economy to significantly boost fishery outputs and job creation.
- Future Plans: Deployment of advanced monitoring systems to combat illegal fishing, enhance artisanal fisheries, and develop policies for sustainable fisheries.
Enhancing Port Operations and Security
The ministry has implemented several initiatives to enhance port operational efficiency and security:
- Process Automation: Initiatives to automate processes, reduce bureaucratic bottlenecks, and enhance revenue transparency.
- Port Community System: Implementation of this system and procurement of port scanners to streamline operations.
- Maritime Security: Deployment of armoured patrol boats and advanced surveillance systems, resulting in a notable reduction in piracy and maritime terrorism.
Conclusion
As the Ministry of Marine and Blue Economy marks its first year, these achievements underscore the transformative potential of Nigeria’s blue economy. Oyetola emphasized that the impressive revenue growth reflects the ministry’s strategic initiatives and heralds the transformative impact the blue economy can have on Nigeria’s future. A comprehensive policy framework, set to be finalized by December 2024, promises to further solidify Nigeria’s position as a leading maritime nation
