The Federal Government aims to increase revenue generation from the blue economy, targeting an annual revenue of N2 trillion by 2027.
This was revealed on Tuesday during a ministerial press briefing on the sectoral update of President Bola Tinubu’s administration, by Mr. Adegboyega Oyetola, the minister of marine and blue economy.
According to Oyetola, the Ministry’s attempts to generate money have been greatly aided by the growing share of the marine and blue economy in the nation’s GDP.
“Increasing the marine and blue economy’s share of the country’s GDP is a critical success metric for the Ministry.”
“We have a three-pronged strategy that we are presently implementing that should double current revenue generation and reach N2 trillion annually by 2027,” he stated.
This is in line with the administration of President Bola Tinubu, which wants to grow Nigeria’s GDP to $1 trillion by 2026 and $4 trillion by 2035.
The Minister presented the plan of action to reach the N2 trillion annual income objective by 2027, emphasizing three main points: finding new blue economy revenue streams, improving current revenue sources, and correcting revenue leakages.
Oyetola suggested automating revenue collection to remove obstacles, improve transparency, and implement revenue assurance technologies for precise billing to address income leakages.
He talked about conducting revenue enhancement studies and making effective use of assets through public-private partnerships and private-sector concessions to augment current revenue sources.
Oyetola emphasized investment promotion programs aimed at both domestic and foreign investors in the marine and blue economy sectors as a means of identifying new revenue streams.
