…Says Ministry Earns Improved Revenue

The Minister of Marine and Blue Economy, Adegboyega Oyetola, on Tuesday, disclosed that his administration had evolved Key policy thrusts and goals to drive the Ministry towards actualising the developmental goals of the present government.

Oyetola who disclosed this at the ongoing sectoral first-year ministerial briefing in Abuja, also stated that a comprehensive four-year key results framework and implementation plan to guide the Ministry and its agencies had been developed.

He pointed out that a robust process for the finalization and validation of the policy was ongoing, noting also that the national policy on Marine and Blue Economy would be concluded in December 2024.

“A core objective of the Federal Ministry of Marine and Blue Economy (FMMBE) is the creation of a dynamic national policy framework aimed at creating the enabling environment required for the sector to thrive.

In this regard the Ministry has engaged all subsector stakeholders, experts, academia, and research institutions in assessing the current state of the sector,” he said.

While marshalling the achievements of the new Ministry in the last year, the former Governor of Osun State, revealed that the Ministry had made tremendous success in improving the revenue earnings of the sector.

According to him, the Ministry has attained a measure of success in increasing the contribution of the Marine and Blue economy to the national GDP, while generating revenue for the government for the important task of national economic development.

He said: “A key measure of success for the Ministry is to increase the contribution of the marine and blue economy to national GDP while generating revenue for government for the important task of national economic development.

“To achieve this, we are currently implementing a 3-pronged strategy that is focused on (i) blocking revenue leakages; (ii) enhancing revenue generation from established sources; and (iii) identifying and rolling out new blue economy revenue sources.

“The Ministry has achieved a ramp-up of revenue to the government in the last year and is poised to do more. A comparison of Quarter 1 2023 against Quarter 1 2024 revenue performance across the Agencies reveals a 92% increase.

“The increase in revenue performance has largely been due to a 10% increase in the number of vessels calling our ports due to strategic investments in port infrastructure in the last one-year, mooring boats, patrol vessels and dredging of the port’s channels. We have also tightened revenue assurance by deploying technology.

“Revenue generation is critical to us. In this regard, we have commenced the rollout of the following initiatives among others: Commissioning of revenue enhancement studies focused on the Ministry, its departments, and agencies. The objective is to further identify and block leakages while identifying recommendations 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 rendered.

“Ensuring the efficient utilisation of existing assets through concessions to the private sector and public-private partnerships as required. investment promotion campaigns targeting both domestic and international investors for investments in the marine and blue economy sub-sectors.

Oyetola also related that the Ministry of Marine and Blue Economy recorded some developmental strides in the area of Port Infrastructure and Connectivity, highlighting some of the key achievements of the Ministry in port infrastructure within the past year.

His words: “Promotion of Inland Dry Ports – we are promoting the development of inland dry ports in strategic locations across the country. They will 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.

“Seaport Infrastructure Upgrade – Fund has been sourced for the comprehensive modernisation and reconstruction of Tin Can Island and Apapa Port Complex, and discussions are on for sourcing funds for the rehabilitation of Onne, Rivers, Delta, and Calabar port complexes.

“The port modernisation projects are expected to generate at least 20,000 jobs, decongest the ports, and improve ease of doing business.

“Port Equipment Renewal – alongside the port rehabilitation project, we are also modernising port equipment as we strategically position to reclaim our sport as the maritime hub for West Africa. For example, we recently acquired the first-of-its-kind in Africa marine crafts such as the recently commissioned two units of Azimuth Stern Drive (ASD) 8213 model 80 Ton Bollard Pull Tugboats to enable the berthing of very large vessels of 300 metres LOA (length overall) and above.

“Dredging of Navigation Channels- The recurrent dredging of the channel to the various ports and terminals have continued. This has allowed bigger vessels such as MSC Maureen to dock, and will going forward improve our cargo throughput and share of the West Africa maritime trade.

“Access and Connectivity to Ports – Collaboration with FMW and FMT has yielded the rehabilitation of access roads and connection ports to rail network respectively to reduce congestion and transit times.

“Lagos-Calabar Superhighway – the Ministry commends the great initiative of Mr. President on the project. The superhighway is set to boost blue tourism and facilitate private sector investments in the development of beach resorts, marine transportation, water sports, etc. The project will create thousands of jobs and open up new economic opportunities in the coastal states.”