Marine & Blue Economy ministry, agencies generate N850.324bn in 2024
The Federal Ministry of Marine & Blue Economy and its agencies generated total revenue of N850.324 billion between January and November 2024.
This amount represents an increase of 77.49 per cent compared with N479.076 billion recorded in the same period of 2023.
The Minister of Marine and Blue Economy, Adegboyega Oyetola who disclosed this in Lagos during interactive session with media said the ministry, with its agencies, has achieved a ramp up of revenue to government in the last one year and is poised to do more.
Analysis of the revenue generated according to the minister showed that Nigerian Maritime Administration and safety agency collected N67.019 billion within the reviewed period against N42.309 billion reported in the preceding year, Nigerian Port Authority generated N758.260 billion in 2024 against N411.453 billion achieved in the previous year.
Also, Nigerian Shippers Council and National Inland Water Ways Authority recorded revenue of N19.150 billion and N5.894 billion respectively compared with N21.975 billion and N3.338 billion reported in 2023 financial year.
The Minister also disclosed that the government is implementing the National Single Window (NSW) project as part of measures to further enhance trade facilitation.
He explained that this digital platform would streamline trade compliance processes, link ports with relevant government agencies and stakeholders and create a seamless, efficient system.
To complement the NSW, he said “the Ministry and NPA are finalizing the Port Community System, an electronic platform to centralize and automate processes among stakeholders in port services,” adding that Mr. President Tinubu has provided the political will and support for the take-off of the project, which holds the capacity to increase cargo dwell time at the Nigerian Seaports.
“The Port Community System (PCS), will serve as a One Stop Shop for all the stakeholders in the Port System. It is part of the digitalization of port processes and operations and NPA is working hard to institute the PCS.”
He further said the ministry has initiated consultations to reduce the number of agencies at the sea ports to a maximum of 7 to fast-track port processes and improve ease of doing business.
