The Sea Empowerment and Research Centre has called for the need to properly frame existing maritime-linked revenues, especially those accruing from international trade and port activities administered by the Nigeria Customs Service.
The group also noted that customs revenue, derived largely from seaborne trade, constitutes a major pillar of Nigeria’s maritime economy and already contributes multi-trillion-naira annual inflows to the Federation Account.
SEREC stated this in a press statement on Tuesday signed by its Head of Research, Mr. Eugene Nweke, obtained by The PUNCH.
The group said it has undertaken a professional review of recent public commentary by a maritime law expert and Senior Advocate of Nigeria, Dr. Olisa Agbakoba, who projects that Nigeria could unlock up to N70tn annually from the maritime and blue economy through decisive policy, institutional, and operational reforms.
SEREC added that it recognises the projection as timely and strategically significant, particularly against the backdrop of Nigeria’s rising public debt, constrained fiscal space, and the urgent need to deepen sustainable non-oil revenue sources.
The group affirms that the maritime and blue economy remains one of Nigeria’s most potent, yet historically under-optimised, economic frontiers.
“In reviewing the N70tn proposition, it’s important to properly frame existing maritime-linked revenues, especially those accruing from international trade and port activities administered by the NCS. Customs revenue, derived largely from seaborne trade, constitutes a major pillar of Nigeria’s maritime economy and already contributes multi-trillion-naira annual inflows to the Federation Account,” SEREC stated.
The group also encouraged the ongoing NCS modernisation programmes, including the deployment of end-to-end digital trade platforms, adding that risk management systems, advanced cargo information frameworks, and the Customs–Port Cooperation and Trade Facilitation initiative are expected to further improve compliance, reduce leakages, and enhance revenue yield.
It added that Nigeria’s progressive implementation of the African Continental Free Trade Area presents new revenue windows for the maritime sector through increased cargo volumes, port throughput, transshipment activity, logistics services, and regional trade facilitation.
“Conservative projections indicate that AfCFTA could significantly expand intra-African maritime trade flows over the medium term, with Nigeria positioned as a primary beneficiary if port and border processes are competitive,” it added.
Complementing these developments, SEREC highlighted that recent reforms within the national tax administration framework, including greater central coordination, data integration, and compliance monitoring, signal improved prospects for consolidating maritime-related revenues across agencies and reducing historical leakages.
“Against this backdrop, SEREC’s position is that the N70tn figure should be understood as aggregate long-term economic value, encompassing trade expansion, logistics efficiency, port productivity, inland waterways utilisation, cabotage enforcement, offshore maritime services, and ancillary blue-economy industries, rather than as immediate, stand-alone cash inflow,” it explained.
SEREC noted that Nigeria is not starting from a marginal base but from a position where substantial maritime-derived revenues already exist, though they are fragmented, under-optimised, and weakened by coordination and enforcement gaps.
The group underscored the need for deliberate consolidation, harmonisation, and scaling of these revenue streams.
SEREC further observed that the National Policy on Marine and Blue Economy (2025–2034) already provides a comprehensive reform framework covering port modernisation, inland waterways development, cabotage enforcement, maritime security, local content deepening, and technology adoption.
“The central challenge, therefore, lies not in policy absence but in coherent, coordinated, and accountable implementation,” it mentioned.
SEREC called for strengthened enforcement and targeted amendments to the Cabotage Act, “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.”
It added that 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,” it concluded.
