The Sea Empowerment and Research Centre (SEREC) has urged policymakers and industry stakeholders to establish a clearer and more effective framework for managing Nigeria’s maritime-linked revenues, particularly those generated through international trade and port activities administered by the Nigeria Customs Service (NCS).
In a statement signed by SEREC’s Head of Research, Mr. Eugene Nweke, the group emphasized that customs revenue derived from seaborne trade already contributes multi-trillion-naira inflows to the Federation Account and should be better consolidated and optimised.
SEREC’s appeal follows a professional review of commentary by maritime law expert Dr. Olisa Agbakoba (SAN), who projects that Nigeria could unlock up to ₦70 trillion annually from the maritime and blue economy through decisive policy, institutional, and operational reforms.
The group stressed that while the maritime and blue economy is one of the nation’s most promising economic frontiers, existing revenue streams remain fragmented, under-optimised, and weakened by enforcement and coordination gaps.
SEREC welcomed ongoing modernisation initiatives within the NCS, including deployment of digital trade platforms, advanced cargo information systems, and enhanced risk-management frameworks, which are expected to improve compliance, reduce leakages, and boost revenue yields.
The statement also highlighted opportunities presented by the African Continental Free Trade Area (AfCFTA), noting that increased cargo volumes, port throughput, transshipment activity, and regional trade facilitation could further expand maritime revenue streams if port and border processes remain competitive.
SEREC underlined that the recently approved National Policy on Marine and Blue Economy (2025–2034) provides a comprehensive reform framework, covering port modernisation, inland waterways development, cabotage enforcement, maritime security, technology adoption, and local content deepening.
The group concluded that coherent, coordinated, and accountable implementation of these reforms is critical to unlocking significant additional revenue from maritime activities and driving broader economic growth.
December 25, 2025 — Source: PUNCH (punchng.com)