The Minister of Marine and Blue Economy, Adegboyega Oyetola, is working to close revenue leakages in Nigeria’s marine sector.

Speaking at a workshop on Modern Audit Techniques in Abuja, Oyetola stated that implementing modern audit practices is key to harnessing and utilizing resources, maximizing revenue collection, and minimizing wastage in the industry.

Represented by the Permanent Secretary of the Ministry, Olorutola Olufemi, the Minister highlighted that challenges such as revenue leakages, inefficiencies, and governance gaps have continued to hinder the sector’s ability to fully optimize internally generated revenue.

“As auditors, your role extends beyond reviewing accounts; you are essentially tasked with helping organizations enhance their objectives,” he said.

According to a statement by Muhammad Tahir Zakari, the Minister further encouraged participants to actively engage with experts, case studies, and strategies discussed during the workshop and to apply them in their daily operations.

He noted that the workshop comes at a critical time for the nation, as efforts to diversify revenue sources beyond oil gain momentum. The marine and blue economy sector offers numerous growth opportunities, including fisheries and shipping.

The representative of the Auditor-General of the Federation and Director in the Audit Department of the Office of the Auditor-General for the Federation (OAuGF), Uchechukwu Nwaede Ogwe, stated in his address that the workshop provides an excellent platform for stakeholders to engage, exchange ideas, and develop actionable strategies to address these challenges.

Ogwe also noted that the marine and blue economy holds tremendous potential through various revenue streams, including fishing licenses, oil and gas royalties, customs duties, and marine tourism. However, he emphasized that these streams are often constrained by challenges such as revenue leakages, inefficiencies in collection systems, and governance gaps.

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