The Sea Empowerment and Research Centre (SEREC) has called on the Federal Government to prioritise the revival of the steel industry to stimulate key sectors such as shipbuilding and automobile manufacturing—two vital components of Nigeria’s blue economy.
In a recent statement, SEREC asserted that reviving steel production would significantly enhance industrial output, foster high-value job creation, and stimulate technological innovation, all of which are essential to maintaining the rapid 90% revenue growth experienced by the marine and blue economy sector.
This statement was issued in a bulletin signed by the Centre’s Head of Research, Eugene Nweke, and follows comments made by Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola. The Minister recently projected that the revenue from the sector might soon rival that of the Nigerian National Petroleum Company Limited (NNPCL), noting the impressive 90% revenue growth.
SEREC acknowledged the Minister’s optimistic projections as “plausible,” attributing the sector’s growth to several key drivers such as automation, port modernisation, and strategic technology deployment. However, the Centre urged a more cautious approach, recommending that the claims be carefully assessed based on available data and sectoral realities.
The research body also highlighted both the challenges and opportunities that must be addressed in order to sustain the sector’s growth trajectory. Among the key priorities mentioned were continued investment in port and maritime infrastructure, the integration of digital tools to enhance operational transparency, and efforts to maintain environmental sustainability.
According to SEREC, should these issues be adequately addressed, Nigeria’s blue economy stands to gain significantly in terms of both local and global competitiveness. The Nigerian Ports Authority (NPA) projects a 30% increase in trade volume by 2030, which could further boost the economy’s potential.
In terms of financial projections, SEREC referenced the NPA’s forecast of a 40% increase in revenue for 2025, which would bring in over N1.27 trillion—up from N894.86 billion in 2024. This expected growth is attributed to comprehensive reforms, enhanced marine operations at the Dangote Refinery, and ongoing digitalisation efforts across port operations.
SEREC’s bulletin underlined that the blue economy is swiftly emerging as a major pillar for national growth, job creation, and environmental sustainability. With continuous modernisation and technological innovation, surpassing NNPC’s revenue generation could be achievable within the next two to three years, the Centre added.
While SEREC lauded the Minister’s enthusiasm and commitment to reforms, it stressed the importance of closely monitoring sector performance and addressing ongoing structural challenges. The Centre reaffirmed its support for national efforts to harness marine resources for sustainable economic growth while advocating for an integrated approach that combines fiscal, industrial, and environmental strategies.