FG targets N2trn annual revenue from Blue economy sector by 2027

Federal government has disclosed to plans to generate at least N2 trillion revenue annually from Marine and Blue Economy by 2027.

Adegboyega Oyetola, the Minister of Marine and Blue Economy, disclosed this at the ministerial sectoral briefing to mark President Bola Tinubu one year in office on Tuesday in Abuja.

According to him, a key measure of success for the ministry is to increase the contribution of the marine and Blue Economy to the national GDP.

“We are currently implementing a 3-pronged strategy which is expected to double current revenue generation, to achieve N2 trillion per annum by 2027.”

He said that the government will ensure automation of revenue collection processes to eliminate bottlenecks and enhance transparency and accountability

Other strategies to boost revenues as disclosed by the Minister includes: deployment of revenue assurance technologies to ensure accurate and complete billings in line with established contracts and services rendered, enhanced revenue generation from established sources.

More details to follow……