Nigeria’s maritime agencies generate N1.83 Trillion in 2025

The Nigerian maritime sector has recorded a significant milestone, generating a total revenue of N1.83 trillion in 2025.  This represents 160 percent from the N700.79 billion collected in 2023. The revenue was generated through various channels, including ship dues, cargo handling, and other maritime-related activities. This is even as the Minister of Marine and Blue […]

The Nigerian maritime sector has recorded a significant milestone, generating a total revenue of N1.83 trillion in 2025. 

This represents 160 percent from the N700.79 billion collected in 2023.

The revenue was generated through various channels, including ship dues, cargo handling, and other maritime-related activities.

This is even as the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, on Thursday announced that the federal government has made significant progress towards the refloating of a national shipping carrier, signalling a major step in strengthening Nigeria’s maritime industry.

The Ministry was able to achieve the revenue surge through sweeping reforms and a renewed focus on accountability.

Speaking on Thursday at the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat in Lagos, Dr. Oyetola said the Ministry’s performance reflects a deliberate shift towards transparency and efficiency.

“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,” he stated.

The Minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.

“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.

Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.

Industry stakeholders at the event, including terminal operators, shipowners, trade associations and the diplomatic corps, commended the Ministry’s performance, describing it as a sign of growing institutional discipline and investor confidence in Nigeria’s marine and blue economy. 

Oyetola also announced the federal government’s intention to refloat a national shipping carrier.

“I am pleased to inform you that we have made significant progress toward the refloating of a National Shipping Carrier,” he said.

The Minister revealed that the government has secured the interest of leading international partners, including AD Ports Group and DP World, to collaborate on the initiative.

“We have secured the interest of reputable international partners who are collaborating with us to bring this vision to fruition,” he added.

According to Oyetola, the new national carrier will play a critical role in reducing dependence on foreign shipping lines, retaining maritime value within the Nigerian economy, and creating employment opportunities.

He linked the initiative to other strategic interventions, including the imminent disbursement of the Cabotage Vessel Financing Fund, which is aimed at empowering indigenous shipowners.

“By empowering local operators, we are strengthening national capacity and positioning Nigeria for greater participation in global shipping,” he said.

Also speaking, Greg Ogbeifun, a former President, Ship Owners Association of Nigeria and Chairman/Chief Executive Officer, Starz Investments Company Limited, said Nigeria was losing $8 to $9 billion annually to foreign ships participating in Cabotage.

“The volume of our imports demands that we should participate in carrying our cargo. So we will not stop as stakeholders in handling this. With this population, we have huge imported cargo, and with our resources, export cargo as well.

“We have the ports through which these cargoes are handled. I would like to commend the work of my friend, the MD of NPA, and his team, supported by the government, to modernize our ports. But we are modernizing the ports with foreign ships.

“We should also start thinking of our ships and join the use of these modern ports. We have the ports through which these cargoes are handled, but unfortunately we do not have ships that participate in this course. Every day of inaction compounds a structural loss that leads to billions.

“Now, approximately 8 to 9 billion dollars are lost by our country to foreign ships that carry our cargo. The Nigerian ships, international vessels, yes, the country of energy. They produce their gas, they have ships, international ships, that carry their cargo of flying foreign flags” he said.