SEREC Backs ₦70 Trillion Maritime Projection, Calls for Coordinated Reforms and Revenue Consolidation

The Sea Empowerment and Research Center (SEREC) has described projections that Nigeria could unlock up to ₦70 trillion annually from its maritime and blue economy as attainable, provided reforms are pursued through coordinated implementation and effective revenue consolidation.

In a press statement issued by Fwdr. Head of Research, Eugene Nweke, Rff, SEREC said the projection recently highlighted by maritime law expert and Senior Advocate of Nigeria, Dr. Olisa Agbakoba, SAN comes at a critical time for the country, as it grapples with rising public debt, limited fiscal space, and the urgent need to strengthen non-oil revenue sources.

According to the research body, Nigeria’s maritime and blue economy remains one of the country’s most under-optimized economic frontiers, despite its strategic importance to trade, logistics, and regional commerce. SEREC noted that substantial maritime-linked revenues already exist, particularly through seaborne trade administered by the Nigeria Customs Service (NCS), which contributes multi-trillion naira inflows to the Federation Account annually.

The Center pointed to ongoing Customs modernization initiatives such as end to end digital trade platforms, risk management systems, advance cargo information frameworks, and the Customs Port Cooperation and Trade Facilitation (C-PACT) programme as critical enablers for improved compliance, reduced leakages, and higher revenue yield.

SEREC also identified the African Continental Free Trade Area (AfCFTA) as a major growth driver for Nigeria’s maritime sector, projecting increased cargo volumes, port throughput, transshipment activity, and logistics services if Nigeria’s ports and border processes remain competitive. It added that recent reforms in national tax administration, including improved data integration and inter-agency coordination, further strengthen prospects for consolidating maritime-related revenues.

However, the Center cautioned that the ₦70 trillion figure should be viewed as long term aggregate economic value rather than an immediate cash inflow. It explained that the projection encompasses trade expansion, port productivity, logistics efficiency, inland waterways utilization, cabotage enforcement, offshore maritime services, and broader blue-economy industries.

SEREC stressed that Nigeria already has a comprehensive reform framework in place through the National Policy on Marine and Blue Economy (2025–2034). The key challenge, it said, lies in coherent, disciplined, and accountable implementation across institutions.

Among priority actions recommended by the Center are strengthened enforcement and targeted amendments to the Cabotage Act, full digitalization of port and trade processes, commercial activation of inland waterways, enhanced inter-agency coordination among maritime regulators, Customs and tax authorities, and sustained investment in maritime security.

Drawing lessons from regional and global benchmarks including Ghana’s Tema Port, Togo’s Port of Lomé, South Africa’s Durban Port Complex, and Morocco’s Tangier-Med SEREC emphasized that efficiency, automation, regulatory certainty, and coordination, rather than scale alone, determine how maritime activity translates into national revenue.