Nigeria's maritime sector is losing between US$3 billion and $5 billion annually due to freight charges, port congestion, policy inconsistency and poor multimodal integration, according to a report by the Sea Empowerment and Research Center, reported Lagos Nigerian Guardian.

The report, signed by Head of Research Dr Eugene Nweke, stated that over 70 per cent of Nigeria's 1.8 million TEU throughput is concentrated in Lagos ports, where containers take an average of 19 days to clear. This delay costs the economy over $1 billion yearly.

Nigeria spends $3 billion to $4 billion annually on freight charges to foreign carriers. A national container line launched in 2025 could save shippers $150 to $250 per TEU, totalling over $500 million in yearly savings.

Over 90 per cent of port cargo moves by road, incurring trucking costs of N150,000 to N200,000 per container, or nearly N1 trillion yearly. Rail-waterway integration could halve these costs.

The absence of domestic steel production for shipbuilding and repairs drains $2 billion to $3 billion annually. Mini-mills tied to shipyards could retain up to 40 per cent of this value locally.

Gulf of Guinea war-risk premiums cost Nigeria-linked trade $200 million to $400 million yearly. A sovereign risk-pool could halve these losses. Nigeria still pays 3-4 times higher premiums than South Africa.

Seafarer training under NIMASA has produced over 2,000 cadets, but fewer than 30 per cent secure global-standard placements. Scaling to 5,000 certified officers could generate $400 million in annual remittances.

FX volatility adds five to 10 per cent to clearance costs, with N700 billion passed on to consumers yearly. Inland Dry Ports could divert 300,000 TEU inland and save N250 billion in congestion costs.

Nigerian ports lag in decarbonisation. Shore power and green retrofits could attract $500 million in climate-linked investment. Export-import disparity drains FX reserves, with non-oil imports at $60 billion and exports at $10 billion.

Eastern ports operate below 30 per cent capacity, while Apapa handles 70 per cent of container traffic, costing over $500 million yearly in lost opportunities. SEREC proposes a N100 billion Maritime Industrialisation Fund to attract private investment.

Within three years, mini steel mills could replace $500 million in imports, and ICD-rail pilots could save N200 billion to N300 billion. Green-port retrofits could unlock $200 million to $400 million in financing.

Long-term reforms include seafarer employment pathways worth $400 million yearly, and fisheries, aquaculture and coastal tourism clusters with GDP impact of $5 billion to $7 billion. A competitive national carrier could retain $500 million to $1 billion in freight costs.