Blue economy targets N2trn annual revenue by 2027- Oyetola

The Ministry of Marine and Blue Economy says it is implementing a 3-pronged strategy that will increase its revenue generation to N2 trillion per annum by 2027.

Marine and Blue Economy Minister, Mr Adegboyega Oyetola, disclosed this at the ministerial press briefing on the administration of President Bola Tinubu sectorial update.

“A key measure of success for the Ministry is to increase the contribution of the marine and blue economy to national Gross Domestic Products,” he said.

The Minister said the strategy being implemented included, blocking revenue leakages, enhancing revenue generation from established sources and identifying and rolling out new blue economy revenue sources.

According to him, the ministry had embarked on automation of revenue collection processes to eliminate bottlenecks and enhance transparency and accountability.

The minister added that effort was being made to deploy revenue assurance technologies to ensure accurate and complete billings in line with established contracts and services rendered.

Oyetola, however, said that efficient utilisation of existing assets would be ensured through concessions to the private sector and public private partnerships (PPP) as required by the ministry’s departments and the agency.

He added that the ministry was working toward investment promotion campaigns targeting both domestic and international investors to invest in marine and blue economy sub-sectors.

The Minister also said the ministry had engaged subsector, stakeholders, experts, academia and research institutions to understand the sector’s current state with a view to create a dynamic policy framework and harmonise recommendations to unleash its potential.

“Key policy thrusts and goals have been defined and a comprehensive 4-year key results framework and implementation plan have been developed.

“The national policy on the Marine and Blue Economy will be concluded in December 2024, “ he added.

On Tin Can Island and Apapa port, the minister said efforts were being made to source for funds to modernise their reconstruction adding that when rehabilitated, the ports are expected to generate 20,000 jobs.

He said that the dredge navigational channels were made to the various ports and terminals to allow the largest containership (KOTA CEMPAKA) to berth in Onne Port..

On Lagos-Calabar Superhighway, the minister explained that the project would boost blue tourism and facilitate private sector investments.

On maritime security and safety, the minister said the ministry ensured the safety of human lives at sea by conducting 474 Port state inspections in May 2023.

He added that 80 water Marshals were deployed across the selected jetties to enforce inland water safety rules.

Oyetola said the ministry was determined to create a national carrier for shipping and maritime trade on Public Private Partnership to reduce capital flight and maximise opportunities for Nigerian ship owners.