Economy
SEREC Backs N70tn Revenue Projection For Maritime, Blue Economy
SEREC Backs N70tn Revenue Projection For Maritime, Blue Economy
SEREC backs N70tn revenue projection for maritime, blue economy. SEREC has endorsed experts’ projection that Nigeria’s maritime and blue economy sector could generate N70 trillion in revenue.
The Sea Empowerment and Research Centre has endorsed experts’ projection that Nigeria’s maritime and blue economy sector could generate N70 trillion in revenue.
SEREC’s head of research, Eugene Nweke, made the statement on Wednesday in Abuja.
The endorsement follows maritime law expert Olisa Agbakoba’s statement that with improved governance and regulation, the sector could contribute up to N70 trillion annually to Nigeria’s GDP, as projected by experts.
According to Mr Nweke, the projection is timely and strategically significant, especially amid Nigeria’s rising public debt, limited fiscal space and the urgent need to expand sustainable non-oil revenue sources.
“The centre affirms that the maritime and blue economy remains one of Nigeria’s most potent, yet historically under-optimised, economic frontiers,” he said.
In reviewing the N70 trillion projection, he stressed the importance of effectively managing maritime-linked revenues, particularly those from international trade and port operations under the Nigeria Customs Service (NCS).
He said that customs revenue, largely derived from seaborne trade, constituted a major pillar of Nigeria’s maritime economy and was already contributing multi-trillion-naira annual inflows to the federation account.
He added that ongoing NCS modernisation programmes, such as digital trade platforms, risk management systems, advanced cargo information frameworks, and the Customs-PACT initiative, were expected to boost compliance, reduce leakages, and raise revenue.
Mr Nweke said the implementation of the African Continental Free Trade Area presented new revenue opportunities for the maritime sector through increased cargo volumes, port throughput, transshipment activity, logistics services and regional trade facilitation.
He said the implementation of AfCFTA could significantly boost intra-African maritime trade, with Nigeria benefiting if ports and borders stay competitive.
He added that recent reforms in the national tax administration framework, including stronger coordination, data integration, and compliance monitoring, signalled improved prospects for consolidating maritime revenues and reducing longstanding leakages.
“Against this backdrop, SEREC’s position is that the N70 trillion figure should be understood as aggregate long-term economic value. It should encompass trade expansion, logistics efficiency, port productivity, inland waterways utilisation, cabotage enforcement, offshore maritime services and ancillary blue-economy industries rather than as an immediate, stand-alone cash inflow,” he said.

SEREC Backs N70tn Revenue
He said that Nigeria was not starting from a marginal base but from a position where substantial maritime-derived revenues already existed, though they were fragmented, under‑optimised and weakened by coordination and enforcement gaps.
What Nigeria required, he added, was deliberate consolidation, harmonisation and scaling of these revenue streams.
Mr Nweke said the National Policy on Marine and Blue Economy (2025–2034) provided a comprehensive reform framework; therefore, the challenge was not the absence of policy but the need for coherent, coordinated and accountable implementation.
“Priority actions should include strengthened enforcement and targeted amendments to the Cabotage Act and full digitalisation and automation of port and trade processes.
“Commercial activation of inland waterways to complement road and rail logistics, enhanced inter-agency coordination among maritime regulators, customs and tax authorities and sustained investment in maritime security to protect trade flows and investor confidence.
“From an industry and professional standpoint, SEREC believes Nigeria can achieve measurable and transformative gains in the short to medium term if these reforms are pursued with discipline. Incremental improvements in trade efficiency, revenue consolidation and institutional coordination could unlock several trillions of naira annually in additional value, progressively scaling toward the higher end of the projected potential,” he said.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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