Follow Us on Google
By Steve Agbota
The Sea Empowerment and Research Centre (SEREC) has revealed that marine biomass utilisation and the green port energy transition implementation will attract over N450 billion investment, create about 50,000 jobs, and reduce logistics and port costs in the country.
The research centre hinted that the combined implementation will boost non-oil exports and foreign exchange earnings, and strengthen the ease of doing business within a three- to five-year period.
However, SEREC described marine biomass utilisation and the green port energy transition as low-hanging fruit in Nigeria, as well as the development of small and medium enterprises (SMEs) in the blue economy sector.
These were stated in SEREC’s monthly policy bulletin, signed by the Head of Research, Dr Eugene Nweke, who said that targeted investment and policy support in marine biomass resources such as Nypa palm and water hyacinth, alongside a transition to green energy in ports, represent high-impact opportunities in line with the Federal Government’s Renewed Hope Agenda on economic diversification.
While highlighting the investment breakdown, Nweke said that marine biomass processing requires between N120 billion and N150 billion in public-private investment, with a projected yearly return on investment (ROI) of over N215 billion and a payback period of 18 to 30 months.
“This is expected to establish between 10 and 15 processing hubs at a cost of between N60 billion to N80 billion, alongside N25 billion for harvesting and logistics systems, N20 billion for SME financing and cooperatives, and about N15 billion for research, development and pilot programmes,
“As projected by SEREC, this would create about 30,000 jobs through value chains spanning biofuels such as ethanol and briquettes, organic fertilisers and fibre-based products including packaging, boards and textiles, while generating about N215 billion within an 18 to 30 months period,” he added.
He highlighted Nypa palm economic conversion as a key sub-sector with an estimated N80 billion yearly value potential, driven by export-oriented products such as sweeteners, crafts and roofing materials, as well as bio-ethanol blending for the domestic energy market, with strong rural industrialisation impact.
Other News
The report estimated that transitioning Nigerian ports to green energy systems will require about N250 billion in public-private investment, with a yearly cost savings estimated at N150 billion and a payback period of between two and four years.
He stated that the cost components of the transition plan include solar hybrid systems for major ports costing about N150 billion, battery storage and grid integration estimated at N60 billion and shore power infrastructure valued at N40 billion.
He noted that such investments could reduce diesel consumption by 30 to 50 per cent, lower cargo handling costs and significantly increase port throughput efficiency and competitiveness.
The report further projects that coastal job creation and small and medium enterprises (SMEs) development will require about N65 billion in investment, generating over 20,000 indirect jobs and more than N100 billion in yearly economic activity.
According to SEREC, this will target youth cooperatives for biomass harvesting, women-led processing enterprises and skills development in renewable energy and marine industries, with a strong multiplier effect expected across coastal economies.
SEREC proposed a blended financing model, with the public sector providing between 20 and 30 per cent in seed funding, alongside policy framework and regulatory support and sovereign guarantees for public-private partnerships (PPP).
SEREC stated that the private sector will drive infrastructure investment such as independent power projects (IPP) and processing plants, technology deployment, operations and commercialisation.
The research centre also identified funding opportunities through green bonds, carbon credits and multilateral financing from the World Bank and the African Development Bank (AfDB).
However, SEREC warned that achieving these outcomes would require a clear regulatory framework to attract investors, environmental safeguards, particularly in mangrove restoration balance, transparent public-private partnership structures and strong inter-agency coordination.
