By Faridat Salifu
Nigeria is losing an estimated $20 billion in annual revenue from the blue economy due to weak implementation of policies, poor enforcement of maritime laws, and the underutilisation of key industries, according to the Sea Empowerment and Research Center (SEREC).
The centre made the disclosure yesterday in a policy brief for national economic renewal titled “Blue Economy, Broken Promises: Where Are Nigeria’s Maritime Billions?”
SEREC’s weekly bulletin, signed by its Head of Research, Dr Eugene Nweke, estimated that the country loses over $3 billion every year to smuggling and illicit activities alone. It recalled that the Nigerian Maritime Administration and Safety Agency (NIMASA) once projected that the sector could generate over $20 billion annually.
The centre noted that Nigeria has failed to take advantage of its youthful population in the global maritime labour market, citing the Philippines, which earns $6 billion yearly from seafarer remittances.
It also linked the collapse of the Ajaokuta Steel Complex and other steel plants to the decline of shipbuilding, repair yards, and port infrastructure, which has weakened the country’s competitiveness.
Other challenges highlighted include congestion at western ports, undeveloped inland waterways, abandoned fishing harbours, and weak enforcement of the Cabotage Act and Local Content Law, which have allowed foreign vessels to dominate offshore trade.
SEREC warned that chronic underperformance in the sector threatens economic diversification and job creation. It added that repeated policy announcements without measurable implementation have eroded public trust, even as the government recently approved a National Policy on Marine and Blue Economy.
The group recommended the creation of a Blue Economy Delivery Unit under the Presidency with clear performance indicators on revenue, jobs, and GDP contribution. It also urged the revival of Ajaokuta and Delta Steel to support shipbuilding and marine infrastructure, and the expansion of seafarer training to replicate the Philippines’ remittance model.
It further called for tighter collaboration between the Navy, Customs, and NIMASA, as well as the deployment of maritime domain awareness tools to curb smuggling and revenue leakages.
SEREC cautioned that unless urgent reforms are carried out, Nigeria risks missing out on billions in sustainable revenue, millions of jobs, and its potential as a maritime hub in West and Central Africa.
