THE Nigerian Ports Authority (NPA) has topped the revenue generating list of maritime agencies operating under the Ministry of Marine and Blue Economy, generating a whopping N758, 260, 436, 260 billion in the year 2024.
Disclosing this recently during a meeting with Editors of print media, the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, revealed that the Nigerian Maritime Administration and Safety Agency (NIMASA) came second with a revenue profile of N67, 019, 516, 644 in the year 2024, while the Nigerian Shippers Council (NSC) came third, recording a revenue collection of N19, 150, 248, 873.
The National Inland Waterways Authority (NIWA) came fourth on the list with a revenue profile of N5, 894, 132, 507 for the year 2024.
When combined, the maritime agencies witnessed a 77 per cent revenue growth when compared to what was collected in 2023. According to Oyetola, “The combined total collections of the maritime agencies in 2023 stood at N479, 076, 763, 174 while what was collected last year is N850, 324, 334, 597.”
The minister was however silent on the revenue profile of other agencies under the ministry like the Maritime Academy of Nigeria (MAN), Oron; Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), Lagos; Nigerian Institute for Oceanography and Marine Research (NIMOR), Lagos; National Institute for Freshwater Fisheries Research (NIFFR), New Bussa; Federal College of Freshwater Fisheries Technology (FCFFT), New Bussa; and the Federal College of Fisheries and Marine Technology (FCFMT), Lagos.
In the area of funding for vessel acquisition, Oyetola revealed that the Ministry, in concert with NIMASA, has engaged stakeholders to finalise arrangements for the disbursement of the Cabotage Vessel Financing Fund (CVFF).
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“This will assist indigenous shipping operators to acquire new vessels and enhance indigenous capacity. The Ministry is seeing to it that the correct template is put in place to ensure transparency and accountability in the disbursement of funds.
“Efforts are on to bring in Development Banks into the disbursement process. I am glad to inform you that NIMASA is working on this and has almost completed the process.
“We are also in the process of operationalising the Regional Maritime Development Bank with other countries in the Maritime Organization of Central and West Africa (MOWCA),” the Honourable Minister of Marine and Blue Economy stated.
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