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FG targets N2trn annually from blue economy by 2027

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The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has revealed that it is implementing a 3-pronged strategy targeted towards increasing Nigeria’s revenue generation by N2 trillion by 2027.

He disclosed this at the ministerial press briefing on the administration of President Bola Tinubu sectorial update, adding that a yardstick to measure success for the Ministry is through its contribution to the nation’s Gross Domestic Products, (GDP).

The Minister listed the three pronged approach to include, blocking revenue leakages, enhancing revenue generation from established sources and identifying and rolling out new blue economy revenue sources.

According to him, “The ministry has embarked on automation of revenue collection processes to eliminate bottlenecks and enhance transparency and accountability.

“Efforts are equally being made to deploy revenue assurance technologies to ensure accurate and complete billings in line with established contracts and services rendered.

“The Ministry was able to recorded a revenue of N242 billion in the first quarter (Q1) of 2024, an amount which represents a 92 percent increase from the N126 billion recorded in Q1 of 2023.”

Oyetola further noted that the increase in revenue performance was largely been due to the 10% increase in the number of vessels calling the Nigerian ports due to strategic investments in port infrastructure in the last one-year.

The Minister also said, the Tinubu led administration have completed some of the projects it inherited from the last administration, this he mentioned to include the Funtua Dry Port, Port access Roads in Onne and the rehabilitation of some access roads in Tin Can and Apapa ports.

He highlighted other key achievements of the Ministry in port infrastructure within the past year include the following among others: “Promotion of Inland Dry Ports – we are promoting the development of inland dry ports in strategic locations across the country.

“We have a combined capacity of 165,000 TEUs. The inland dry ports will help to decongest our seaports, deliver a net decrease in transportation costs and environmental challenges, and promote overall improvement in public safety through reduced road accidents.

“Commissioning of Funtua Dry Port – we have finalised the Funtua Inland Dry Port which was commissioned on 9th May 2024. This will improve the ease of doing business and increase our share of the Sahel trade”, he added.

The Minister further said, the had engaged subsector, stakeholders, experts, academia and research institutions to understand the sector’s current state with a view to create a dynamic policy framework and harmonise recommendations to unleash its potential.

“Key policy thrusts and goals have been defined and a comprehensive 4-year key results framework and implementation plan have been developed.

“The national policy on the Marine and Blue Economy will be concluded in December 2024, “ he added.

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