The Sea Empowerment and Research Centre (SEREC) has urged the Federal Government to prioritise the revival of the steel industry to boost shipbuilding and automobile manufacturing, which are critical components of the broader blue economy.
According to SEREC, this would not only enhance industrial output but would also create high-value jobs and stimulate technological innovation to sustain the 90 per cent revenue growth of the marine and blue economy sector.
The research centre stated this in a bulletin signed by its Head of Research, Eugene Nweke, and released in response to recent remarks by the Minister of Marine and Blue Economy, Adegboyega Oyetola.
The minister said revenue from the sector has grown by 90 per cent and may soon rival that of the Nigerian National Petroleum Company Limited (NNPCL).
SEREC described the minister’s projections as “plausible,” citing ongoing automation, port modernisation, and strategic deployment of technology as critical drivers of the sector’s transformation.
However, it also urged caution and a deeper review of the claims based on available data and sectoral realities.
SEREC also highlighted key challenges and opportunities that must be addressed to sustain and scale the sector’s growth, which include continued investment in port and maritime infrastructure to sustain momentum, deployment of digital tools to boost operational transparency and efficiency as well as environmental sustainability.
The research centre stated that with all these addressed, with NPA’s projected 30 per cent trade volume increase by 2030, the blue economy stands to gain significantly in both local and global competitiveness.
SEREC further stated that given the 90 per cent revenue growth, the blue economy might reach parity with NNPC’s revenue within the next two to three years, depending on the pace of modernisation, technology adoption and increased cargo throughputs.
According to SEREC, the Nigerian Ports Authority (NPA) has projected a 40 per cent increase in revenue for 2025, with a target of over N1.27 trillion, up from N894.86 billion in 2024.
The research body said the expected growth is attributed to comprehensive reforms, enhanced marine operations at the Dangote Refinery, and broader digitalisation efforts across port operations.
“The blue economy is rapidly positioning itself as a major pillar for national growth, employment creation, and environmental sustainability.
“With sustained modernisation and innovation, surpassing NNPC in revenue generation may be achievable within the next two to three years,” the group noted.
While applauding the minister’s optimism and commitment to reform, SEREC emphasised the importance of closely monitoring sector performance and addressing structural challenges.
The centre reaffirmed its support for national efforts to harness marine resources for sustainable economic growth while advocating for a holistic approach that integrates fiscal, industrial and environmental strategies.
