The Federal Government has set an ambitious goal to escalate revenue generation from the blue economy. The aim for an annual revenue of N2 trillion by 2027. In a strategic move, the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, has outlined a multifaceted strategy aimed at achieving the envisioned revenue target. This comprehensive approach encompasses addressing existing revenue leakages, fortifying established revenue sources, and proactively exploring novel avenues within the blue economy sector to bolster revenue streams.
A crucial facet of the strategy involves meticulous efforts to curtail revenue leakages within the system. Minister Oyetola emphasized the implementation of advanced technologies for automating revenue collection processes. By streamlining operations, enhancing transparency, and minimizing potential bottlenecks. Additionally, the deployment of cutting-edge revenue assurance technologies promises to ensure accurate billing and mitigate the risk of revenue losses due to inefficiencies or malpractices.
Fortifying Established Revenue Sources
Recognizing the significance of optimizing existing revenue streams, Minister Oyetola underscored the imperative of commissioning revenue enhancement studies. These studies are poised to offer invaluable insights into maximizing the revenue potential of established avenues within the marine and blue economy sectors. Furthermore, the Ministry aims to capitalize on public-private partnerships and private-sector concessions to efficiently leverage existing assets. Thereby amplifying revenue generation capabilities.
Exploring Novel Revenue Streams
To catalyze exponential revenue growth, the Ministry is steadfast in its pursuit of identifying and tapping into previously untapped revenue streams within the blue economy sector. Minister Oyetola accentuated the importance of robust investment promotion campaigns, tailored to attract both domestic and international investors. By fostering an environment conducive to investment and innovation, the Ministry endeavors to unlock the latent economic potential inherent in the marine and blue economy domains.
Revenue Growth Statistics
The latest statistics underscore the promising trajectory of revenue growth within the sector. Notably, in the first quarter of 2024, agencies under the Ministry of Marine and Blue Economy reported a remarkable surge in revenue compared to the corresponding period in the previous year. Key highlights include:
- Nigeria Ports Authority (NPA): Witnessed a substantial revenue increase from N82.9 billion in Q1 2023 to N170.5 billion in Q1 2024.
- Nigerian Maritime Administration and Safety Agency (NIMASA): Recorded a noteworthy revenue escalation from N37.4 billion in Q1 2023 to N62.2 billion in Q1 2024.
- Nigerian Shippers’ Council (NSC): Notched up a commendable revenue growth from N4.9 billion in Q1 2023 to N8.7 billion in Q1 2024.
- National Inland Waterways Authority (NIWA): Registered a discernible uptick in revenue, climbing from N1.1 billion in Q1 2023 to N1.4 billion in Q1 2024.
- Combined Revenue: The cumulative revenue generated by these agencies in the first quarter of 2024 amounted to an impressive N242.8 billion, marking a substantial increase from N126.4 billion in Q1 2023.
Source: Nairametrics
