The Minister of Marine and Blue Economy, Adegboyega Oyetola said the Nigerian Ports Authority (NPA) and three agencies under his ministry have increased revenue generation by 92 percent.
The others are the Nigerian Maritime Administration and Safety Agency (NIMASA); the Nigerian Shippers Council (NSC) and the National Inland Waterways Authority (NIWA).
He said the earnings of the agencies have grown from N126.359 billion in the first quarter of 2023 to N242. 811 billion in the first quarter of 2024.
He said with reforms being put in place by President Bola Tinubu’s administration, the Marine and Blue Economy may generate about 20,000 jobs.
Oyetola, who made the disclosures at the sectoral briefing on his first year in office, said the extension of the continental shelf will increase the marine resources of the country.
He gave insights into how his ministry has driven the revenue generation of its agencies.
He said apart from investments in port infrastructure, the deployment of technology has tightened revenue assurance.
He said: “We have been able to achieve a ramp-up of revenue to the government in the last one year and we are poised to do more.
The Minister said the extension of the continental shelf will add more to Nigeria’s marine resources.
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