Agencies working under the Ministry of Marine and Blue Economy recorded a ninety two percent increase in revenue during the first quarter of 2024.
This is according to the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola who presented the first annual performance report in Abuja on Tuesday.
He said the earnings of the agencies have grown from N126.359 billion in the first quarter of 2023 to N 242.811 billion in the first quarter of 2024.
The Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola said the administration of President Bola Tinubu established the Ministry to check maritime activities and enhance revenue generation .
The Minister’s first yearly report gave a breakdown of some steps taken which motivated an improvement in the performance of agencies which now report to it.
“Commissioning of revenue enhancement studies focused on the Ministry, its departments, and agencies. The objective is to further identify and block leakages while identifying recommendation to expand current revenue sources.
“Automation of revenue collection processes to eliminate bottlenecks and enhance transparency and accountability.
“Deploying revenue assurance technologies to ensure accurate and complete billings in line with established contracts and services render’
According to Mr. Oyetola, if aquaculture is properly managed, it could stand on its own as a reliable source of revenue.
“In the medium- and long-terms, the focus would be to addressing the crucial challenges of insufficient fish meal production for feed and enhance artisanal fisheries. Also, the strategic exploitation of Nigeria’s Exclusive Economic Zone (EEZ) is anticipated to produce significantly high trawling and sea farming export-oriented revenues.
“This would no doubt further secure Nigeria’s position as a formidable player in the global fisheries and aquaculture market.”
The Ministry also plans to curb unemployment.
