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Ministry of Marine and Blue Economy Reports 92% Revenue Surge in Q1 2024 Under New Reforms

The Ministry of Marine and Blue Economy has reported a remarkable 92% increase in revenue for the first quarter

Ministry of Marine and Blue Economy Reports 92% Revenue Surge in Q1 2024 Under New Reforms

The Ministry of Marine and Blue Economy has reported a remarkable 92% increase in revenue for the first quarter of 2024, according to Minister Adegboyega Oyetola. This significant growth, compared to the same period in 2023, reflects the impact of the ministry’s recent reform initiatives, amounting to about a hundred million Naira in additional revenue.

During the ministry’s first annual performance report presentation in Abuja on Tuesday, Minister Oyetola highlighted the strategic measures that have driven this revenue surge. He emphasized that the Ministry, established by President Bola Tinubu’s administration, aims to regulate maritime activities and boost revenue generation.

Key steps taken to enhance performance and revenue collection include:

  1. Commissioning Revenue Enhancement Studies: Focused on the Ministry, its departments, and agencies, these studies aim to identify and eliminate revenue leakages while recommending ways to expand current revenue sources.
  2. Automating Revenue Collection Processes: This initiative aims to eliminate bottlenecks and enhance transparency and accountability in revenue collection.
  3. Deploying Revenue Assurance Technologies: These technologies ensure accurate and complete billings in line with established contracts and services rendered.

Minister Oyetola also emphasized the potential of aquaculture as a reliable revenue source if properly managed. He outlined medium- and long-term strategies to address key challenges, such as insufficient fish meal production for feed and the enhancement of artisanal fisheries. Additionally, the strategic exploitation of Nigeria’s Exclusive Economic Zone (EEZ) is expected to generate significant trawling and sea farming export-oriented revenues.

“These initiatives are poised to secure Nigeria’s position as a formidable player in the global fisheries and aquaculture market,” Oyetola stated.

Beyond revenue generation, the Ministry also has plans to tackle unemployment through its various initiatives, contributing to broader economic stability and growth.

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