By Steve Agbota
The Sea Empowerment and Research Centre (SEREC) has urged the federal government, through the Ministry of Marine and Blue Economy, to prioritise the revitalisation of Nigeria’s steel industry as a strategic step toward strengthening shipbuilding and automobile manufacturing.
The Head of Research at SEREC, Eugene Nweke, made the call while reacting to a recent statement by the Minister of Marine and Blue Economy, Adegboyega Oyetola, who claimed that revenue from the blue economy had surged by 90 per cent and could soon surpass that of the Nigerian National Petroleum Company Limited (NNPC).
While Nweke described the minister’s projection as “welcome and healthy,” he stressed the importance of staying focused on practical strategies.
“Though the claim seems plausible, it’s essential to monitor progress and address potential challenges to ensure the blue economy reaches its full potential,” he said.
He commended the minister’s enthusiasm but advised that the ministry focus on maximising opportunities across maritime sectors by leveraging administrative and operational capacity.
“SEREC wishes to encourage the minister to strive towards revamping the steel industry, which could boost our shipbuilding and automobile sectors, with its inherent high job creation and technological advancements,” he added.
Nweke attributed the ministry’s rising revenue figures to ongoing reforms such as automation, port modernisation, and the adoption of smart technologies across the maritime ecosystem. He also cited fresh projections by the Nigerian Ports Authority (NPA), which anticipates a 40 per cent revenue increase in 2025—targeting N1.27 trillion, up from the N894.86 billion generated in 2024. According to him, this optimistic outlook is driven by port upgrades, the activation of marine operations at the Dangote Refinery, and a strategic embrace of advanced technology.
On the broader promise of the sector, Nweke stated:
“The blue economy is emerging as a critical pillar of national growth, job creation, and environmental sustainability. With continued modernisation and technology adoption, the sector can surpass NNPC’s revenue generation.”
In the short term, he projected that the blue economy could rival NNPC’s earnings within two to three years, depending on the pace of innovation and rising cargo throughput.
In futuristic terms, he revealed that the NPA foresees a 30 per cent increase in trade volume by 2030—an expansion he believes could significantly deepen the country’s blue economy.
He stressed that sustaining this momentum would require consistent investments in port infrastructure, digital systems, and regulatory efficiency.
“By leveraging technology to enhance efficiency and transparency, it will be essential for the blue economy to reach its full potential,” he said, adding that balancing growth with environmental sustainability will be critical to long-term success.