The Federal Government wants to boost the blue economy’s revenue stream, with a goal yearly revenue of N2 trillion by 2027.
This was revealed on Tuesday during a ministerial press briefing on the sectoral update of President Bola Tinubu’s administration, by Mr. Adegboyega Oyetola, the minister of marine and blue economy.
According to Oyetola, the Ministry’s attempts to generate money have been greatly aided by the growing share of the marine and blue economy in the nation’s GDP.
“Increasing the marine and blue economy’s share of the country’s GDP is a critical success metric for the Ministry.”
“We have a three-pronged strategy that we are presently implementing that should double current revenue generation and reach N2 trillion annually by 2027,” he stated.
This is in line with the administration of President Bola Tinubu, which wants to grow Nigeria’s GDP to $1 trillion by 2026 and $4 trillion by 2035.
Further details
The Minister presented the plan of action to reach the N2 trillion annual income objective by 2027, emphasizing three main points: finding new blue economy revenue streams, improving current revenue sources, and correcting revenue leakages.
Oyetola suggested automating revenue collection to remove obstacles, improve transparency, and implement revenue assurance technologies for precise billing to address income leakages.
He talked about conducting revenue enhancement studies and making effective use of assets through public-private partnerships and private-sector concessions to augment current revenue sources.
Oyetola emphasized investment promotion programs aimed at both domestic and foreign investors in the marine and blue economy sectors as a means of identifying new revenue streams.
Things To Note
The Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Ports Authority (NPA), Nigerian Shippers’ Council (NSC), and National Inland Waterways Authority (NIWA), among other organizations under the Ministry of Marine and Blue Economy, reported a notable increase in revenue in Q1 2024 when compared to the same period the previous year.
The First Year Sector Report of the Ministry of Marine and Blue Economy, which was made public on Tuesday, states that the combined revenue of these agencies increased by 92% in Q1 2024 over Q1 2023.
Between Q1 2023 and Q1 2024, the NPA’s revenue increased by almost 105.67%, from N82.9 billion to N170.5 billion. From N37.4 billion in Q1 2023 to N62.2 billion in Q1 2024, NIMASA’s revenue increased.
From N4.9 billion in Q1 2023 to N8.7 billion in Q1 2024, the NSC saw a rise in revenue. From N1.1 billion in Q1 2023 to N1.4 billion in Q1 2024, NIWA’s revenue increased.
These agencies’ total revenue increased from N126.4 billion in Q1 2023 to N242.8 billion in Q1 2024.
