Nigeria’s Marine Economy Generates N1.83trn Revenue in Three Years

By Adedapo Adesanya

The Federal Ministry of Marine and Blue Economy has disclosed that it generated N1.83 trillion in 2025, representing a staggering 160 per cent increase from the N700.79 billion generated in 2023, when it was formed by President Bola Tinubu.

The ministry disclosed this in a review of its achievements in the first three years of its establishment, noting that the revenue growth was driven by reforms across agencies under its supervision.

President Tinubu established the Ministry of Marine and Blue Economy in August 2023 as part of efforts to diversify Nigeria’s economy and harness the economic potential of its maritime resources.

Under the pioneer leadership of Mr Adegboyega Oyetola, the ministry was mandated to unlock the potential of Nigeria’s 853-kilometre coastline, inland waterways and exclusive economic zones.

According to the ministry, the N1.83 trillion revenue generated in 2025 was attributed to strengthened regulatory oversight, improved revenue assurance mechanisms, digitisation of operations and measures aimed at curbing revenue leakages across its agencies.

The ministry said the reforms had strengthened accountability among revenue-generating agencies and increased the contribution of the marine and blue economy sector to government revenue.

It added that the revenue performance demonstrated the economic viability of maintaining a dedicated marine and blue economy portfolio, while providing additional non-oil revenue to support national development.

The ministry also said its first three years had been marked by port modernisation projects, regulatory reforms, maritime safety interventions and investments aimed at strengthening indigenous capacity in the sector.

It said the initiatives were designed to expand Nigeria’s participation in global maritime commerce and position the marine and blue economy as a major contributor to sustainable economic growth.

In terms of policies, the ministry noted that the country saw its first-ever National Policy on Marine and Blue Economy, which established a unified strategic roadmap designed to guide sustainable growth, environmental preservation, and economic diversification over the next decade.

This policy, it said, provided potential investors, global partners, and local stakeholders with predictable, transparent operational guidelines covering everything from shipping and ports to fisheries, marine biotechnology, and offshore energy.

It also saw the complete structural overhaul of the Apapa and Tin Can Island ports in Lagos, Onne Port, Rivers Port, Calabar Port and Warri Port for the first time in 50 years.

“This infrastructure update positions Nigeria to handle larger cargo volumes at lower unit costs. It addresses physical decay at older port facilities and equips the nation’s maritime hubs to process international trade efficiently for decades to come,” the statement said.

Validating these aggressive port reforms, the World Bank and S&P Global Market Intelligence ranked Nigeria’s Tin Can Island Port 10th and the Lagos Port Complex in Apapa 12th globally among the top 20 most improved container ports from 2020 to 2025.

It also lauded Nigeria reclaiming its seat on the prestigious International Maritime Organisation (IMO) Category C Council after a 14-year absence in November 2025.

“This victory was the result of a coordinated international campaign that highlighted Nigeria’s maritime reforms, zero-piracy record, port modernisation efforts, and leadership in the Gulf of Guinea,” it said.

The Ministry also secured the lifting of the 12-year US Coast Guard (USCG) Condition of Entry restrictions previously imposed on ships arriving from Nigerian ports.

A major legislative triumph occurred with President Tinubu’s recent signing of the Nigeria Ports Economic Regulatory Agency (NPERA) Act into law, which gives permanent statutory authority to an independent economic regulator for Nigeria’s port logistics sector, transitioning the system away from ad-hoc oversight arrangements.