Marine & Blue Economy revenue performance increases with over 92% in 2024, FG to tackle food insecurity with N200bn 

Minister of Marine and Blue Economy Adegboyega Oyetola has said the ministry recorded revenue of N242 billion in the first quarter (Q1) of 2024.

The minister, while briefing newsmen in Abuja Tuesday during the ministerial sectoral update to mark President Bola Ahmed Tinubu’s first year in office, said the revenue recovered represents a 92 percent increase from the N126 billion recorded in Q1 of 2023.

Oyetola said the ministry had achieved a ramp up of revenue to the government in the last year and poised to do more.

The minister said in comparison with Quarter 1 2023, the Quarter 1 2024 revenue performance across the agencies revealed a 92% increase.

According to him, “The increase in revenue performance has largely been due to a 10% increase in the number of vessels calling our ports due to strategic investments in port infrastructure in the last one-year, mooring boats, patrol vessels, and dredging of the port’s channels.”

He said the federal government had completed “some of the projects we inherited, including the Funtua Dry Port, Port Access Roads in Onne and the rehabilitation of some access roads in Tin Can and Apapa ports.” 

 …Key achievements

 The minister highlighted other key achievements of the ministry in port infrastructure within the past year, including the following among others: 

“Promotion of Inland Dry Ports – we are promoting the development of inland dry ports in strategic locations across the country.

“They will have a combined capacity of 165,000 TEUs. The inland dry ports will help to decongest our seaports, deliver a net decrease in transportation costs and environmental challenges, and promote overall improvement in public safety through reduced road accidents. 

“Commissioning of Funtua Dry Port – we have finalised the Funtua Inland Dry Port which was commissioned on 9th May 2024. This will improve the ease of doing business and increase our share of the Sahel trade.”

He said the blue economy has the potential to drive inclusive growth, create employment opportunities, and alleviate poverty, particularly in coastal and island communities. 

Going forward, he said, “to advance the Nigerian Blue Economy, we embarked on an extensive four-year implementation plan summarised into four main pillars, each meticulously designed for transformative impact.

“Unlocking this overwhelming potential requires strategic action, and the future holds even brighter possibilities. Our 4-year implementation plan is an economic vision and a blueprint for national transformation. 

“It is also a commitment to environmental responsibility, as our marine resources require vigilant stewardship, and by uniting in this endeavour, we pledge to preserve them for future generations.”

Continuing, the former Osun state governor said: “Key policy thrusts and goals have been defined, and a comprehensive four-year Key Results Framework and Implementation Plan to guide the Ministry and its Agencies has been developed. A robust process for the finalisation and validation of the policy is ongoing. The National Policy on Marine and Blue Economy will be concluded by the Grace of God in December 2024.

“To realise the Renewed Hope Agenda of Mr. President under the sector, we have been able to achieve a ramp-up of revenue to the government in the last year and we are poised to do more. A comparison of Quarter 1 of 2023 against Quarter 1 of 2024 revenue performance across the Agencies reveals a 92% increase.”

He said, “We held a stakeholders’ engagement to examine the challenge of extortion and illegal checkpoints on the port access roads. We did that because we are determined to ensure that players in the industry do not lose money due to congestion and traffic gridlock. I am happy to report that, today, sanity has returned to the Tin-Can Island Port corridor as the perennial traffic gridlock on Mile 2 and Tin-Can in Lagos has since given way, thus putting an end to the multi-billion-naira yearly loss to Lagos ports traffic gridlock, which defied all known solutions for close to a decade.

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