Oyetola announces 92% revenue increase in NPA, NIMASA, others

The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced a 92 percent increase in revenue generation by the Nigerian Ports Authority (NPA) and three other agencies under his ministry.
These agencies include the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Shippers Council (NSC), and the National Inland Waterways Authority (NIWA).
Oyetola reported that the combined earnings of these agencies grew from N126.359 billion in the first quarter of 2023 to N242.811 billion in the first quarter of 2024.
He attributed this growth to the reforms implemented by President Bola Tinubu’s administration, which are also expected to generate about 20,000 jobs in the Marine and Blue Economy sector.
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Speaking at a sectoral briefing marking his first year in office, Oyetola highlighted the extension of Nigeria’s continental shelf, which will significantly increase the country’s marine resources.
He explained that the ministry’s success in boosting revenue was due to investments in port infrastructure and the deployment of technology to enhance revenue assurance.
Oyetola said: “We have achieved a significant increase in revenue to the government over the past year and are committed to further improvements. Comparing the first quarter of 2023 to the first quarter of 2024, we see a 92% revenue increase. This achievement is a result of deliberate actions taken since I assumed office. For example, in December 2023, we engaged stakeholders to address issues of extortion and illegal checkpoints on port access roads.”
He noted that the increase in revenue was largely driven by a 10% rise in the number of vessels calling at Nigerian ports, thanks to strategic investments in port infrastructure, mooring boats, patrol vessels, and dredging of port channels. Additionally, the use of technology has strengthened revenue assurance.
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Oyetola also emphasized the importance of Nigeria’s expanded maritime domain.
He stated: “We have an exclusive economic zone of over 200 nautical miles and 10,000 kilometres of inland waterways, supporting vibrant intra-regional trade. Our strategic navigational routes link Africa with North and South America, Europe, and Asia, positioning the shipping industry as a major economic driver. The recent expansion of our continental maritime domain, adding 16,300 square kilometres—six times the size of Lagos State—enhances our marine resource base.”
He praised President Tinubu for the work of the Presidential Committee on Nigeria’s Extended Continental Shelf Project, which has significantly boosted Nigeria’s maritime resources.