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Oyetola: Marine sector recorded N242bn in Q1 2024 — up by 92% in one year

Oyetola: Marine sector recorded N242bn in Q1 2024 — up by 92% in one year
May 28
11:31 2024

Gboyega Oyetola, minister of marine and blue economy, says the ministry recorded a revenue of N242 billion in the first quarter (Q1) of 2024.

Oyetola spoke in Abuja on Tuesday during a sectoral briefing to mark President Bola Tinubu’s first year in office.

He said the revenue recovered represents a 92 percent increase from the N126 billion recorded in Q1 of 2023.

Oyetola said the ministry has “achieved a ramp up of revenue” to the government in the last year and is poised to do more.

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“A comparison of quarter 1 2023 against quarter 1 2024 revenue performance across the agencies reveals a 92% increase,” the minister said.

“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.”

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On improving the sector’s revenue throughout the year, Oyetola said the ministry has commenced the rollout of some initiatives such as the commissioning of revenue enhancement studies focused on the ministry, its departments, and agencies.

The minister said the objective is to 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,” he said, further highlighting the initiatives.

“Deploying revenue assurance technologies to ensure accurate and complete billings in line with established contracts and services rendered.

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“Ensuring the efficient utilisation of existing assets through concessions to the private sector and public-private partnerships as required.”

Oyetola also said the ministry has carried out campaigns targeting both domestic and international investors for investments in the marine and blue economy sub-sectors.

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