The Sea Empowerment and Research Centre (SEREC) has urged the government to take urgent action on Nigeria’s widening trade gap despite the surge in national revenue.
SEREC explained that Nigeria generated N20.59 trillion between January and August 2025, representing a 40.5 percent rise from N14.6 trillion in 2024, as earlier disclosed by President Bola Tinubu.
It stressed that the fiscal gains had not translated into stronger trade, as imports remained high while exports stayed low.
The organisation said factories were shutting down, unemployment was rising, inflation was persisting, and debt servicing was consuming revenue.
It warned that Nigeria risked becoming a net consumer under the African Continental Free Trade Area (AfCFTA) instead of a competitive exporter.
SEREC made the call in its September bulletin released on Tuesday in Abuja.
The bulletin stated that “government is richer but industries poorer,” noting that consumption-driven revenues cannot create jobs or wealth.
The organisation recommended streamlining levies, strengthening the single-window clearance system, expanding export incentives, and cutting bloated recurrent expenditure.
It also advised that budgets be tied to measurable outputs, with part of the N20.59 trillion allocated to debt repayment and capital projects.
SEREC urged the government to balance tight monetary controls with fiscal stimulus for labour-intensive sectors.
It further suggested digitising procurement, strengthening anti-corruption agencies, and ensuring that state-level allocations translate into visible services.
The bulletin added that Nigeria must protect industrial and agricultural hubs and provide manufacturers and MSMEs with tax credits, infrastructure support, and stable foreign exchange access.
It cautioned that without these measures, the revenue surge could end up celebrating fiscal numbers while citizens face deeper hardship.