Goli Innocent
Lagos — Nigeria’s push into the blue economy is gathering pace as the Sea Empowerment and Research Centre (SEREC) projects that a coordinated rollout of marine biomass utilisation and green port energy systems could unlock over ₦450bn in investments and generate about 50,000 jobs across the country.
The projection, contained in SEREC’s latest policy bulletin, outlines a three- to five-year window where targeted investments in coastal resources and port infrastructure can reduce logistics costs, boost non-oil exports and improve Nigeria’s ease of doing business.
At the centre of the plan is marine biomass particularly Nypa palm and water hyacinth which SEREC describes as underused economic assets. According to the report signed by its Head of Research, Eugene Nweke, developing this segment will require between ₦120bn and ₦150bn in public-private funding, with projected annual returns exceeding ₦215bn and a payback period of 18 to 30 months.
The report estimates that between 10 and 15 processing hubs will be established nationwide, supported by investments in harvesting systems, SME financing and research programmes. These value chains spanning biofuels, organic fertilisers and fibre-based materials are expected to create roughly 30,000 direct jobs while opening up export opportunities.
SEREC also highlighted the commercial potential of Nypa palm conversion alone, which it values at about ₦80bn annually through products such as bio-ethanol, sweeteners, crafts and roofing materials. Beyond revenue, the initiative is expected to drive rural industrialisation, especially in coastal communities long neglected in Nigeria’s economic planning.
On the infrastructure side, the report projects that transitioning Nigerian ports to cleaner energy systems will require about ₦250bn in investment. This includes solar hybrid installations, battery storage and shore power systems designed to cut diesel consumption by up to 50 per cent.
According to SEREC, the shift could deliver annual savings of about ₦150bn while improving port efficiency, reducing cargo handling costs and strengthening Nigeria’s competitiveness as a maritime hub in West Africa.
The plan also sets aside about ₦65bn for SME development and coastal job creation, targeting youth cooperatives, women-led processing businesses and technical skills in renewable energy and marine services. This segment alone is projected to generate over 20,000 indirect jobs and more than ₦100bn in yearly economic activity.
To fund the transition, SEREC proposed a blended financing model, where government provides 20 to 30 per cent seed capital alongside policy backing and guarantees, while the private sector drives infrastructure, technology deployment and operations. Additional funding is expected from green bonds, carbon credits and multilateral institutions such as the World Bank and the African Development Bank.
However, the report warned that without clear regulations, transparent public-private partnerships and strong environmental safeguards especially around mangrove protection the projected gains may not materialise.
