The ministry of marine and blue economy has reported a 92% jump in its revenue generation in about nine months as it bids to enhance the diversification of the nation’s economy.
The minister, Gboyega Oyetola, who disclosed this in Abuja on Tuesday at his sectoral briefing to mark the first year of the President Bola Tinubu administration, said a comparison of Quarter 1 of 2023 against Quarter 1 of 2024 revenue performance across the agencies reveals an increase of 92%.
He revealed that while the four agencies under the ministry raised N126,359,074,742 in Quarter 1 of 2023, the figure rose to N242,811,745,385 in Quarter 1 of 2024.
Noting that the ministry is poised to do more, he said the feat was made possible through some of the deliberate he took upon assumption of office.
He added: “A key measure of success for the Ministry is to increase the contribution of the marine and blue economy to national GDP, while generating revenue for government for the important task of national economic development.
“To achieve this, we are currently implementing a three-pronged strategy that is focused on blocking revenue leakages; enhancing revenue generation from established sources; and identifying and rolling out new blue economy revenue sources.
He said the increase in revenue performance has largely been due to a 10% increase in the number of vessels calling at the nation’s ports due to strategic investments in port infrastructure in the last one-year, mooring boats, patrol vessels and dredging of the port’s channels.
He noted that the ministry also tightened revenue assurance by deploying technology.
Oyetola remarked that as the pioneer minister, it was part of his primary responsibility to lay a solid foundation for the ministry, “so as to position Nigeria as a premier maritime nation by utilising the potential of its blue economy to diversify revenue, assure sustainable development, and cultivate environmental stewardship.”
According to him, all these can only be achieved by formulating and implementing policies, programmes, and initiatives that will facilitate the development of an inclusive maritime and blue economy, driven by an operating environment that meets global best standards.
He also disclosed that the nine-month old ministry has reached an advanced stage to develop a national policy framework aimed at creating the enabling environment required for the sector to thrive.
He said key policy thrusts and goals have been defined, and a comprehensive four-year Key Results Framework and Implementation Plan to guide the ministry and its agencies has been developed.
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Noting that a robust process for the finalisation and validation of the policy is ongoing, he added that the National Policy on Marine and Blue Economy will be concluded by the Grace of God in December 2024.
Oyetola said that apart from the modernisation and rehabilitation of the nation’s ports, it is prioritizing fishing as a sure way to create more jobs and reduce poverty through the value chains.
He added: “To this end, we have reached an understanding with an indigenous Delta Systematics Group, for enhanced fish production that would position Nigeria as a global leader in fisheries.
“We shall soon be signing an MOU to drive home the initiative.
We are determined to address the crucial challenges of insufficient fish meal production for feed and enhance artisanal fisheries, so as to reduce our dependence on imported fish.
“Also, the strategic exploitation of Nigeria’s Exclusive Economic Zone (EEZ) is anticipated to produce trawling and sea farming export-oriented revenues, which would no doubt further secure Nigeria’s position as a formidable player in the global fisheries and aquaculture market.”
Going forward, he said that the four-year implementation plan will have a transformative impact, saying that unlocking the overwhelming potential requires strategic action.
“Our 4-year implementation plan is an economic vision and a blueprint for national transformation. It is also a commitment to environmental responsibility, as our marine resources require vigilant stewardship, and by uniting in this endeavour, we pledge to preserve them for future generations.
“In this light, I sincerely call all Nigerians – investors, commercial entities, entrepreneurs, environmentalists, researchers, community leaders, and other relevant stakeholders to join us on this path.
“Imagine bustling ports, innovative shipyards, and thriving coastal communities practicing sustainable principles. Together, we will build this future in line with Mr. President’s Renewed Hope Agenda,” he declared.
NIGERIAN TRIBUNE