The Ship of Nigeria’s Nascent Blue Economy Weighs its Anchor
The Depth of the unexplored is always a subject that piques the interest of mortal man. In Nigeria, the Blue Economy is as deep and vast as the ocean depths. And like the ocean, it is calm, untouched, unexplored, underutilised. It’s an economic ecosystem in itself that lies forlorn begging to be explored.
However, the ship of progress has weighed its anchor and begun its maiden voyage into previously uncharted territory.
Since the emergence of the term “Blue Economy” in 2012, at the United Nations Conference for Sustainable Development, countries with coastal borders have sought to utilise a different approach to the holistic administration of marine resources.
The term Blue Economy has been defined by the European Commission as “All economic activities related to oceans, seas and coasts, it covers a large range of interlinked established and emerging sectors.”
While the Commonwealth of Nations, of which Nigeria is a member, considers it an “emerging concept which encourages better stewardship of our ocean and ‘blue’ resources.”
In summary, the Blue Economy will include aspects that may not be marketed such as, coastal protection, cultural values and biodiversity.
Nigeria as a coastal nation has largely underutilised a sector that is responsible for transporting over 80% of the world’s goods. The present regime has made tentative steps to dive into this realm of the unexplored. President Tinubu has already made the blue economy an economic target – no pun intended – that will contribute to the nation’s GDP. Creating the new Federal Ministry of Marine and Blue Economy just months into his tenure, signalled the descent into this deep blue to discover the treasures of economic growth and sustainability.
Plans Are Underway
In well-lit boardrooms, meetings and strategies are already being discussed, alliances already sought, investments triggered and policies being ratified.
Only just recently, the Honourable Minister of the Ministry of Marine and Blue Economy, Gboyega Oyetola, welcomed the Global CEO of APM Terminals, Mr. Keith Svendsen who, has expressed interest in investing half a billion dollars in Apapa and Tin Can Ports. One aspect of this investment will aim to increase the drought level of both ports to attract larger vessels.
As part of A.P. Moller-Maersk, APM Terminals is renowned for lifting standards for developing and operating advanced ports and container terminals for over half a century. They have been an independent division since 2001. Their investment into Nigeria’s nascent Blue Economy is a boost in itself, and is indicative that we are sailing in the right direction.
Collaboration between Nigeria and India has already been agreed. Both countries share a similar maritime heritage and vast coastlines. Attracting foreign investment is integral to the success of our Blue Economy. It is promising that these types collaborations and deals are being agreed and struck to further boost our flailing economy.
Internal Investment & Way Forward
In order for Nigeria to maximise its earning potential in the Blue Economy, local investment must be encouraged and harnessed. Shipowners and other stakeholders must pool resources together to grow our nation’s incipient Blue Economy. Experts will be consulted to build and manage structures that will maximise and expedite growth.
A voyage such as the one Nigeria has already begun will be fraught with challenges. Many investors will want to join the treasure hunt and, instead of venturing into the open sea like a rookie sailor, you will need a seasoned campaigner.
At Pye-M Systems, we are that veteran captain of the high seas that the country and all stakeholders need to sail through the stormy waters that maiden voyages present. We specialise in setting up and providing mutual advisory support for ship owners, charterers, operators, and other stakeholders within the maritime industry, with a focus on facilitating risk pooling and risk retention.