The Sea Empowerment and Research Centre, a maritime think tank has warned that structural weaknesses in Nigeria’s maritime sector are costing the country billions of dollars annually.

In a report signed by Eugene Nweke, its head of research, the centre said Nigeria continues to rely heavily on imports despite abundant deposits of iron ore, gypsum and crude oil, while key industries such as steel remain underdeveloped.

It estimated losses from trade misinvoicing and under-valuation at between $5 billion and $8 billion each year, linking this to broader challenges including weak indigenous shipping capacity, an underdeveloped shipbuilding base and regulatory vulnerabilities that limit value retention.

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The centre pointed out that over 90 percent of Nigeria’s seaborne cargo is handled by foreign shipping companies, resulting in annual freight payments of between $7 billion and $9 billion, much of which is repatriated abroad.

According to the report, the cumulative impact is seen in lost jobs, infrastructure gaps and widening inequality.

To reverse the trend, SEREC called for coordinated reforms across government institutions, including improved transparency, stronger accountability and the adoption of digital systems such as integrated cargo tracking and real-time export valuation.

Meanwhile, SEREC  cautioned that new Customs reforms remain fragile without institutional backing.

“Nigeria cannot afford a return to policy reversals or institutional experimentation. The gains within the Nigeria Customs Service must be protected, strengthened, and transmitted across generations,” it stated.

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SEREC stressed that reforms must be embedded within institutions rather than driven by individuals, warning that without legislative support, progress could be reversed. “The true test of reform is not initiation, but continuity,” it added.

The centre described the customs service as a “relay institution,” where successive administrations are expected to build on existing reforms rather than reset them. It also emphasised the need for professional, career-driven leadership, noting that past deviations from this model have contributed to disruptions.

It further identified a new cadre of customs officers as central to sustaining reforms, urging that they be positioned as custodians of institutional memory and drivers of continuity.

SEREC said the reform trajectory at customs should serve as a model for other government agencies, particularly in sustaining policy direction, deepening digital transformation and strengthening accountability.