SEREC Tasks FG on Revamping Steel Industry to Boost Shipbuilding, Automobile Manufacturing

• Congratulates Customs boss on achievements, warns against being carried away by media hype

• CGC should ensure manufacturing, exporting sectors are flourishing, rise in cargo throughput


By Francis Ugwoke


The federal government has been called upon to do everything possible to revamp the nation’s steel industry as part of the efforts to boost indigenous shipbuilding and automobile manufacturing in the country.

The Sea Empowerment and Research Center (SEREC) which made the call said this was in response to the claim by the Minister of Marine and Blue Economy, Adegboyega Oyetola, that the revenue from the sector has risen by 90% and will soon surpass the Nigerian National Petroleum Company Limited (NNPC) .

Head of Research in SEREC, Dr. Eugene Nweke Rff in a statement said that based on the claim by the Minister, there is the need for the federal government to urgently revamp the steel sector as very imperative to boost other sectors which will lead to high job creation and technological advancements.

Nweke added that this will assist the country in achieving accelerated economic growth.

He said, “ SEREC notes that, though the claim seems plausible, it’s essential to monitor progress and address potential challenges to ensure the blue economy reaches its full potential.

“The ministry’s priority should be deploying all administrative and operational arsenals towards maximizing the potential of the blue economy. As such, it is a welcome and healthy projection by a positive and optimistic working minister”. .

Part of the statement reads:

“The Minister of Marine and Blue Economy, Adegboyega Oyetola, stated that revenue from the blue economy sector has increased by 90%. This growth is attributed to ongoing automation, port modernization, and technological advancements within the maritime sector. Now let’s consider the source of projections.

_a) NPA’s Revenue Projection_:

The Nigerian Ports Authority (NPA) is projecting a 40% revenue increase in 2025, targeting over ₦1.27 trillion, up from ₦894.86 billion realized in 2024. This projection is driven by comprehensive modernization efforts, activation of marine operations at the Dangote Refinery, and strategic use of cutting-edge technology.

_b) Blue Economy Potential_:

The blue economy is emerging as a critical pillar of national growth, job creation, and environmental sustainability. With continued modernization and technology adoption, it’s possible for the sector to surpass NNPC’s revenue generation.

2.0. Possible Projections:

Now let’s consider the following possible projections:

_a) Short-term_:

Given the 90% revenue growth, the blue economy might reach parity with NNPC’s revenue within the next 2-3 years, depending on the pace of modernization, technology adoption, and increased cargo throughputs.

_b) Long-term_:

The NPA predicts a 30% growth in trade volume by 2030, which could further boost the nation’s blue economy.

3.0. Likely Inherent Challenges and Opportunities:

Let’s examine the likely inherent challenges and opportunities, as follows:

_a) Infrastructure Development_:

Continued investment in port modernization and infrastructure development will be crucial to sustaining revenue growth.

_b) Technology Adoption_:

By leveraging technology to enhance efficiency and transparency, it will be essential for the blue economy to reach its full potential.

_c) Environmental Sustainability_:

Balancing economic growth with environmental sustainability will be critical to ensuring the long-term viability of the blue economy”.

Meanwhile, SEREC has also congratulated the Customs Controller General, Bashir Adewale Adeniyi, on his unanimous election on Saturday in Brussels as the Chairperson of the Council of the World Customs Organisation (WCO).

SEREC also congratulated the Customs boss for other achievements while in office for the past two years.

Part of the congratulatory message reads:

“The Sea Empowerment and Research Center (SEREC) extends its warmest congratulations to you and your management team on the remarkable achievements recorded under your leadership in the past two years. The significant revenue growth, improved welfare for officers, and commitment to technology and policy reforms are truly commendable.

“Your leadership has brought a refreshing style that is result-driven, innovative, and people-oriented. The revenue growth from ₦3.2 trillion in 2023 to ₦6.105 trillion in 2024 is a testament to your effective policies and commitment to blocking leakages and tightening enforcement.

“However, we urge you to remain focused on the broader economic implications of your policies. While revenue growth is essential, it is equally important to ensure that the manufacturing and exporting sectors are flourishing, and cargo throughput is increasing. The current inflationary trends in the country also require careful consideration.

“As you strive to meet the revenue target for 2025, we caution against getting carried away with media hype and encourage you to maintain a balanced approach that considers the nation’s trade and commercial environment.

“Your role in balancing the nation’s trade and commercial environment cannot be overemphasized. We believe that with your leadership, the Customs Service can deliver real value to the nation.

“Once again, we congratulate you on your achievements and look forward to continued progress under your leadership”.

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