Senators and members of the House of Representatives have tasked the Minister of Blue Economy, Chief Adegboyega Oyetola, with capitalizing on the $1.8 trillion potential of Nigeria’s Blue Economy and improving revenue generation through the maritime industry. This call was made during the 2024 budget defense session by the joint Committees on Ports and Harbours and other Standing Committees.
The lawmakers expressed concerns over the loss of over N1 trillion in revenue due to poor infrastructure within the maritime industry and urged for stronger efforts in service delivery and competitiveness. Notably, they highlighted the absence of funds allocated for installing scanners at various ports in the 2024 budget, stressing that modernizing port infrastructure is crucial to preventing shippers and importers from abandoning Nigerian ports for neighboring countries.
A key focus of the budget defense was the breakdown of the N1 billion allocated for the procurement of official vehicles for the Minister, a permanent secretary, and project vehicles for the new ministry. The legislators also scrutinized the underutilization of funds released for port rehabilitation and empowerment programs.
In his response, Minister Oyetola outlined plans to revitalize Nigeria’s maritime industry. He disclosed that a total of N777 million had been appropriated for marine-related programs in 2023, with N448 million utilized by November 2023. For 2024, the Ministry proposed a capital budget of N10.78 billion and an overhead expenditure of N191 million.
The Minister also revealed plans for dredging existing ports and building new ones, including projects in Badagry and Ondo State, to accommodate larger vessels. He underscored the need for an estimated $1.2 billion to fix the decaying infrastructure at Tin Can Island and other ports. Oyetola emphasized the importance of technology adoption, the National Single Window Policy, and reducing human interaction in port operations to improve cargo clearance.
In addition, Oyetola stressed the need for a Coastal Guard to enhance port security and boost revenue from fisheries. He also called for investments in dredging waterways to improve water transportation across the 28 Nigerian states connected by water, highlighting the Blue Economy’s role in reducing Nigeria’s $4 billion fish import bill.
The session concluded with the Minister and lawmakers agreeing on the need for significant infrastructural upgrades and policy reforms to unlock the full potential of Nigeria’s maritime industry.
