The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced that the ministry generated N1.83 trillion in revenue in 2025. This figure marks a substantial 160% increase compared to the N700.79 billion recorded in 2023.

Oyetola disclosed this during the 2026 First Quarter Citizens and Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat held in Lagos. He attributed the significant growth to reforms implemented to enhance accountability and efficiency across the sector.

“In 2023, our agencies generated N700.79 billion. By the end of 2025, this figure had risen to approximately N1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” Oyetola stated.

He further explained that the gains are driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking revenue leakages. The minister also noted that the ministry’s improved performance underscores a shift towards stronger institutional discipline and effective revenue management.

This development aligns with the Federal Government's intensified efforts to expand revenue generation from Nigeria’s blue economy. The government has set a target of N2 trillion in annual revenue from the sector by 2027.

To achieve this target, the ministry introduced a three-pronged strategy in 2024. This strategy focuses on blocking revenue leakages, enhancing existing revenue sources, and developing new income streams within the blue economy. Measures include automating revenue collection systems, deploying revenue assurance technologies, and leveraging public-private partnerships.