Marine ministry records 77% revenue growth, promises efficiency

•As FEC approves modernisation of Apapa, Tin Can ports

The Federal Ministry of Marine and Blue Economy said it recorded 77 per cent revenue growth. Speaking at an interactive session with the media in Lagos yesterday, the Minister, Adegboyega Oyetola, said the ministry recorded N850.3 billion in 2024 across the four agencies under it, up from N479 billion recorded in 2023.

The Nigerian Maritime Administration and Safety Agency (NIMASA) generated N42.3 billion in 2023 and N67 billion in 2024 while the Nigerian Ports Authority (NPA) remitted N411 billion and N758 billion in two years.

Oyetola said the Nigerian Shippers Council (NSC) recorded N21.9 billion in 2023 and N19.2 billion in 2024, while the National Inland Waterways Authority (NIWA) remitted N3.3 billion in 2023 and N5.9 billion in 2024.

Oyetola also announced that the Federal Executive Council (FEC) has approved a contract for the modernisation of the Apapa and Tin-Can Island ports, with completion expected within 48 months.

Speaking at an interactive session with editors yesterday, Oyetola said plans are also underway to accelerate the modernisation of the Eastern ports, which will increase the port draft from 12-13 metres to 16-17 meters, allowing larger vessels to dock to reverse the loss of revenue to neighbouring ports in Ghana, Togo and Benin Republic.Oyetola said these upgrades, spearheaded by the NPA, are projected to generate over 20,000 jobs and position Nigeria as a regional transshipment hub.

Also, he said the Ministry is leveraging public-private partnerships (PPP) to attract investments to greenfield ports, including Badagry, Ilaje, Olokola, Agge, Ibaka, Burutu, Snake Island, Bakassi and Deep-Sea Ports, as well as the development of river ports and jetties nationwide.

To enhance trade facilitation, Oyetola said the ministry is developing inland dry ports in strategic locations across Nigeria. He said the recently commissioned Funtua Dry Port in Katsina state, along with operational facilities in Kano and Kaduna, are set to boost export efficiency.

The minister said the dry port projects are also advancing in Abia, Plateau, Borno, Oyo and Ogun states. He said the ministry was working closely with the Federal Ministry of Transportation and Federal Ministry of Works to rehabilitate internal access roads and improve port connectivity, reducing congestion and transit time.

Oyetola stated that the ministries are leveraging the Lagos-Calabar Coastal Highway to drive blue tourism, support fisheries industries and promote eco-tourism.

Oyetola also announced the deployment of scanners, vessel tracking systems, international cargo tracking notes, truck call-up systems, e-regulatory process portals and international cargo tracking notes, to boost revenue, guarantee security and reduce traffic congestion.