The Sea Empowerment and Research Centre has endorsed experts’ projection that Nigeria’s maritime and blue economy sector could generate N70 trillion in revenue.

SEREC’s head of research, Eugene Nweke, made the statement on Wednesday in Abuja.

The endorsement follows maritime law expert Olisa Agbakoba’s statement that with improved governance and regulation, the sector could contribute up to N70 trillion annually to Nigeria’s GDP, as projected by experts.

According to Mr Nweke, the projection is timely and strategically significant, especially amid Nigeria’s rising public debt, limited fiscal space and the urgent need to expand sustainable non-oil revenue sources.

“The centre affirms that the maritime and blue economy remains one of Nigeria’s most potent, yet historically under-optimised, economic frontiers,” he said.

In reviewing the N70 trillion projection, he stressed the importance of effectively managing maritime-linked revenues, particularly those from international trade and port operations under the Nigeria Customs Service (NCS).

He said that customs revenue, largely derived from seaborne trade, constituted a major pillar of Nigeria’s maritime economy and was already contributing multi-trillion-naira annual inflows to the federation account.

He added that ongoing NCS modernisation programmes, such as digital trade platforms, risk management systems, advanced cargo information frameworks, and the Customs-PACT initiative, were expected to boost compliance, reduce leakages, and raise revenue.

Mr Nweke said the implementation of the African Continental Free Trade Area presented new revenue opportunities for the maritime sector through increased cargo volumes, port throughput, transshipment activity, logistics services and regional trade facilitation.

He said the implementation of AfCFTA could significantly boost intra-African maritime trade, with Nigeria benefiting if ports and borders stay competitive.

He added that recent reforms in the national tax administration framework, including stronger coordination, data integration, and compliance monitoring, signalled improved prospects for consolidating maritime revenues and reducing longstanding leakages.

“Against this backdrop, SEREC’s position is that the N70 trillion figure should be understood as aggregate long-term economic value. It should encompass trade expansion, logistics efficiency, port productivity, inland waterways utilisation, cabotage enforcement, offshore maritime services and ancillary blue-economy industries rather than as an immediate, stand-alone cash inflow,” he said.

He said that Nigeria was not starting from a marginal base but from a position where substantial maritime-derived revenues already existed, though they were fragmented, under‑optimised and weakened by coordination and enforcement gaps.

What Nigeria required, he added, was deliberate consolidation, harmonisation and scaling of these revenue streams.

Mr Nweke said the National Policy on Marine and Blue Economy (2025–2034) provided a comprehensive reform framework; therefore, the challenge was not the absence of policy but the need for coherent, coordinated and accountable implementation.

“Priority actions should include strengthened enforcement and targeted amendments to the Cabotage Act and full digitalisation and automation of port and trade processes.

“Commercial activation of inland waterways to complement road and rail logistics, enhanced inter-agency coordination among maritime regulators, customs and tax authorities and sustained investment in maritime security to protect trade flows and investor confidence.

“From an industry and professional standpoint, SEREC believes Nigeria can achieve measurable and transformative gains in the short to medium term if these reforms are pursued with discipline. Incremental improvements in trade efficiency, revenue consolidation and institutional coordination could unlock several trillions of naira annually in additional value, progressively scaling toward the higher end of the projected potential,” he said.

(NAN)