The Sea Empowerment and Research Centre (SEREC) has called on the Federal Government to channel Nigeria’s revenues into trade and maritime reforms that can strengthen the productive economy and competitiveness under the African Continental Free Trade Area (AfCFTA).

In its weekly bulletin signed by the Head of Research, Dr Eugene Nweke, SEREC highlighted the N20.59 trillion in revenues generated by the government between January and August 2025.

The government reported a 40.5 per cent increase in revenue from the previous year, with non-oil sources contributing nearly three-quarters.

The research centre warned that the fiscal boom risks becoming meaningless if it is not translated into infrastructure upgrades, stronger port efficiency and expanded exports.

The centre said currency swaps with China, while providing temporary relief, have failed to resolve structural inefficiencies at the ports and in the wider foreign exchange market.

The group noted that imports continue to outpace exports, leaving Nigeria poorly positioned to benefit from the African Continental Free Trade Area (AfCFTA), which remains underutilised for finished exports.

The research body cautioned that without serious trade and port reforms, Nigeria risks being reduced to a net consumer within the continental market.

SEREC highlighted several urgent steps for the executive and legislature, particularly in the maritime sector, which include streamlining multiple levies, strengthening the single-window clearance system, expanding export incentives and tackling inefficiencies that drive up the cost of doing business at Nigerian ports.

The Centre also called for the creation of a national export promotion agency to drive standards, logistics, and market entry, ensuring Nigeria is not reduced to a net consumer in Africa’s single market.

On export incentives, the group urged the government to channel part of the N20.59 trillion into logistics support and incentives that enable manufacturers and agro-exporters to access continental markets competitively.

The research centre also cautioned that without reforms, Nigeria will continue to see factories shut down, rising imports dominate the market, and debt service absorb fiscal gains.

SEREC stressed that Nigeria stands at a fiscal crossroads, noting that record revenues must be converted into productive growth that strengthens maritime trade, supports industrial revival, and improves citizens’ welfare.

“A fiscal record that does not translate into cheaper food, secure jobs, and accessible services risks becoming a political and social mirage. Inflation remains elevated, eroding real wages and savings, unemployment and underemployment remain high, particularly among youth, leaving many excluded from the fiscal boom,” the centre stated.

The centre called for performance-based budgeting, a debt reduction strategy and capital projects, an industrial revival plan, such as the provision of tax credits, stable FX access, and infrastructure support to manufacturing and MSMEs.

The research body also urged the government to balance a tight monetary policy with fiscal stimulus in labour-intensive sectors, strengthen anti-corruption institutions, digitise procurement, protect industrial and agricultural zones, while mandating that FAAC allocations be tied to visible state-level service delivery, including health, education and food security.