Nigeria may have lost up to ₦509 billion in trade and Customs revenue between 2015 and 2021 due to disruptions from vessel arrests, according to a new report by the Sea Empowerment and Research Center (SEREC).
The group said the Nigerian Navy's arrest of 333 vessels in six years shows enforcement efforts but stressed that lack of detailed data — vessel type, cargo, and case outcomes — makes it hard to measure real economic losses.
SEREC warned that maritime insecurity drives up costs for businesses, raises consumer prices, discourages exports, and limits foreign investment in logistics, ports, and shipping — challenges that directly affect SMEs that rely on trade.
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It recommended greater transparency, faster prosecution of cases, coordinated audits by Navy, Customs, NPA, and NUPRC, as well as reforms like digitised port processes to curb smuggling and improve revenue collection.
The think tank noted that without reliable data, government cannot gauge the impact of billions spent on maritime security or design policies that protect trade-dependent SMEs.
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