President Bola Ahmed Tinubu has approved the creation of Inland Dry Ports (IDPs) in Ijebu-Ode, Ogun State and Moniya, Oyo State.
This initiative aims to alleviate congestion at Lagos seaports, eliminate delays, and enhance the nation’s economy significantly.
Upon completion, these IDPs will create numerous job opportunities for the youth in Ogun and Oyo States.
The project also promises to benefit neighboring states in the Western region, stimulating local economies and job markets.
Minister Adegboyega Oyetola announced these developments during the 2025 Budget Defence in Abuja.
He addressed the Joint Committee of the Senate on Marine Transport and House Committees on various maritime sectors, highlighting the government’s commitment to infrastructure improvement.
Oyetola emphasized the urgency of addressing notable deficiencies in the maritime sector.
Issues like infrastructure decay, silted river courses, and inadequate fish production require immediate attention and strategic intervention.
The Ministry is launching multiple projects and programs to tackle these challenges effectively.
Oyetola reiterated the government’s determination to consolidate achievements from the previous year, focusing on infrastructural development and maritime safety.
Under the 2024 appropriation, the Ministry finalized Nigeria’s National Blue Economy Strategy. This includes policies aimed at enhancing fisheries and aquaculture, providing a robust framework for future maritime initiatives.
During the Budget Defence, Oyetola expressed his honor in addressing the committee. He discussed the Ministry’s budget and the importance of various agencies in advancing the nation’s maritime agenda.
He clarified that several agencies under the Ministry are self-funding and contribute significantly to the Consolidated Revenue Fund. This financial structure supports ongoing and future projects across the maritime sector.
Oyetola highlighted the 2025 Budget’s theme, “Budget of Restoration: Securing Peace, Rebuilding Prosperity.” The Ministry aims to sustain previous achievements while focusing on crucial areas like fish production and maritime security.
The total Capital Appropriation for the Ministry in the 2024 Budget is N10.8 billion.
By December 2024, the team used N9.9 billion and plans for the remaining funds are set for early 2025.
Additionally, they allocated N191 million for overhead expenditures to support operational costs.
The Ministry also received a Take-off Grant, facilitating activities related to fisheries and aquaculture.
As a newly established Ministry, the focus remains on building effective management structures for the blue economy sector. Addressing deficiencies in infrastructure and fish production is paramount for future success.
Oyetola confirmed that design consultancies for the IDPs are currently underway.
They will swiftly deliver these ports to improve the Western Port System and enhance regional connectivity.
In response to increased traffic on inland waterways, the Ministry plans to provide life jackets to riverine communities. This initiative aims to enhance passenger safety and reduce boat mishaps.
The Minister acknowledged the challenges faced in accessing the 2024 Capital Appropriation for the Fisheries Department. However, he assured that significant projects are planned for 2025 to boost fish production.
Investment through the capital budget is essential for fulfilling the Ministry’s mandate.
Thus, a proposed total Capital Budget of N11.7 billion is submitted for consideration to support ongoing initiatives.
Finally, Oyetola expressed gratitude to the committee members for their support.
He urged them to recognize the Ministry’s compelling needs for robust policy and operational frameworks to maximize the sector’s potential.