Minister of Marine and Blue Economy Adegboyega Oyetola
- Says new national shipping line to become operational soon
By Steve Agbota
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has announced a remarkable 160 per cent increase in revenue generated by agencies under his ministry, attributing the surge to sweeping reforms and a renewed focus on accountability.
Speaking on Thursday at the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat in Lagos, Dr Oyetola said the ministry’s performance reflects a deliberate shift towards transparency and efficiency.
“In 2023, our agencies generated ₦700.79 billion. By the end of 2025, this figure had risen to approximately ₦1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” he stated.
The minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.
“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.
Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.
Industry stakeholders at the event, including terminal operators, shipowners, trade associations, and the diplomatic corps, commended the ministry’s performance, describing it as a sign of growing institutional discipline and investor confidence in Nigeria’s marine and blue economy.
However, the minister also announced significant progress towards the refloating of a national shipping carrier, signalling a major step in strengthening Nigeria’s maritime industry.
He outlined ongoing efforts to boost indigenous shipping capacity.
“I am pleased to inform you that we have made significant progress toward the refloating of a National Shipping Carrier,” he said.
The minister revealed that the government has secured the interest of leading international partners, including AD Ports Group and DP World, to collaborate on the initiative.
“We have secured the interest of reputable international partners who are collaborating with us to bring this vision to fruition,” he added.
According to Oyetola, the new national carrier will play a critical role in reducing dependence on foreign shipping lines, retaining maritime value within the Nigerian economy, and creating employment opportunities.
He linked the initiative to other strategic interventions, including the imminent disbursement of the Cabotage Vessel Financing Fund, which is aimed at empowering indigenous shipowners.
“By empowering local operators, we are strengthening national capacity and positioning Nigeria for greater participation in global shipping,” he said.
Stakeholders at the event described the move as a long-awaited development that could significantly improve Nigeria’s competitiveness in international trade.
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