A new report from the Sea Empowerment and Research Center (SEREC) reveals that Nigeria may have lost up to N509 billion in trade and customs revenue between 2015 and 2021 due to the arrest of vessels for maritime crimes. The Nigerian Navy arrested 333 vessels during this period, but SEREC argues that without more detailed information on these seizures, it’s impossible to know the full extent of the economic damage.
According to SEREC, a lack of transparency makes it difficult to quantify losses. The group used three scenarios to estimate the potential cost, with the high-impact scenario, involving large vessels like oil tankers, reaching over N509 billion in lost cargo, customs revenue, and other disruption-related costs. The report stresses that this figure doesn’t even include losses from major issues like crude oil theft.
SEREC urged the government to implement several reforms to turn maritime security into economic gain. The group called for the Navy to publicly disclose key details about every arrest, including the type of vessel and the value of its cargo. It also recommended a joint audit by key government agencies to reconcile the financial impact of the arrests, as well as reforms to speed up prosecutions and deploy naval patrols more strategically. The report concludes that without better data, the government cannot accurately measure the true cost of maritime insecurity.
