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The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced a plan to increase its contribution to the national economy, aiming to reach N2 trillion annually by 2027.
Oyetola revealed this during the ongoing ministerial briefing in Abuja on Tuesday.
He presented a three-part strategy to maximize revenue generation and efficiency.
The plan is to double the current revenue generation over the next three years by addressing revenue leakages, improving revenue from existing sources, and identifying new revenue streams.
The minister emphasized the first priority of eliminating inefficiencies in revenue collection.
He highlighted the focus on automating revenue collection processes to remove obstacles and improve transparency and accountability.
Additionally, deploying revenue assurance technologies will ensure accurate and complete billing in accordance with established contracts and services provided.
He stated, "These technologies will assist us in matching billings with existing contracts and services provided, guaranteeing that no revenue is overlooked."
The minister highlighted the second point of the strategy, which focuses on maximizing the use of current assets and resources.
He stressed that the ministry is conducting studies to increase revenue, with a focus on its various departments and agencies.
He also mentioned that the government is dedicated to ensuring efficient use of the nation's assets through concessions and public-private partnerships.
The minister outlined the priority areas as ensuring efficient asset utilization through concessions to the private sector and public-private partnerships, as well as promoting investments in the marine and blue economy sub-sectors through campaigns targeting both domestic and international investors.
He also mentioned that the strategy includes identifying and developing new sources of revenue within the blue economy, which involves investment promotion campaigns targeting both domestic and international investors.
