Nigeria Loses ₦700bn Yearly to Lax Maritime Oversight — SEREC

The Sea Empowerment and Research Centre has warned that persistent regulatory gaps in Nigeria’s maritime and port sectors are costing the economy between ₦500 billion and ₦700 billion every year.

In a detailed policy memorandum submitted to the Minister of Marine and Blue Economy, the organisation highlighted the economic consequences of unregulated port charges, operational inefficiencies, and recurring industrial disruptions.

According to the group, these weaknesses are increasing logistics-driven inflation, undermining trade competitiveness, and discouraging long-term investment in the maritime sector.

SEREC estimated that unchecked increases in shipping line and terminal charges could add between 0.7 and 1.2 percentage points to Nigeria’s annual inflation rate, particularly affecting food, pharmaceuticals, and industrial inputs.

It also warned that Nigeria risks losing between 10 and 15 per cent of West African transit cargo to neighbouring ports if regulatory uncertainty persists.

The group noted that port charges now account for as much as 30 to 40 per cent of total landed costs for some imports, placing additional financial pressure on manufacturers, importers, and consumers.

SEREC called for the establishment of a binding national tariff review framework, a standing mediation forum for port disputes, and proactive regulatory enforcement to prevent disruptions and restore confidence.