Oyetola: After generating N1.83 trillion, Marine Ministry plans revival of national shipping line

Nigeria’s Ministry of Marine and Blue Economy says it generated N1.83 trillion in 2025, a 160 percent increase from the N700.79 billion recorded in 2023. Minister Adegboyega Oyetola presented the figure as evidence of a broader transformation since President Bola Tinubu created the ministry three years ago.

The ministry now wants to expand the role of Nigerian-owned shipping. Oyetola said plans are advancing to revive a national shipping carrier through a public-private partnership. He also said the long-delayed disbursement of the Cabotage Vessel Financing Fund has begun, allowing Nigerian shipowners to acquire modern vessels.

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We cannot build a truly blue economy if Nigerians remain spectators in their own maritime industry.

“We cannot build a truly blue economy if Nigerians remain spectators in their own maritime industry,” Oyetola said. He attributed the rise in earnings to regulatory reforms, stronger revenue assurance, digitisation and efforts to close financial leakages.

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At the heart of our mandate is a simple but powerful objective: to turn Nigeria’s vast marine resources into sustainable economic value for Nigerians.

The government approved Nigeria’s first National Policy on Marine and Blue Economy in May 2025. Oyetola said the policy replaced fragmented approaches with a single framework covering shipping, fisheries, offshore energy, marine biotechnology and other emerging opportunities. “This policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably,” he said.

The ministry is also upgrading the Apapa, Tin Can Island, Onne, Rivers, Calabar and Warri ports. The programme includes deeper channels, modern cargo-handling infrastructure and digital terminal operations. Oyetola said the World Bank and S&P Global Market Intelligence ranked Tin Can Island Port 10th and the Lagos Port Complex in Apapa 12th among the world’s 20 most improved container ports between 2020 and 2025. He also cited four consecutive years without piracy in Nigeria’s territorial waters.

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This policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably.