Oyetola: Blue Economy Revenue Hits N1.83 Trillion
business
Marine and Blue Economy Minister Adegboyega Oyetola says the sector's revenue has risen to N1.83 trillion, a 160 percent increase, with N86 billion saved through reduced port demurrage charges.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, says Nigeria's maritime and blue economy sector generated N1.83 trillion in revenue over the past year, a 160 percent increase, while presenting the ministry's three-year scorecard in Abuja.
Oyetola said the sector also recorded N86 billion in savings for shippers and importers through reduced port demurrage charges, attributing the gains to reforms aimed at cutting cargo dwell time and easing congestion at Nigeria's ports. He said the ministry's reforms had improved efficiency across the maritime value chain.
The minister said the government would continue to prioritise investment in port infrastructure, fisheries and shipping to further grow the blue economy's contribution to national revenue, describing the sector as an underexploited pillar of Nigeria's non-oil economy.