Maritime uncertainty threatens the potential of N7trn ocean resources

Nigeria’s N7 trillion annual revenue potential inherent in the country’s blue economy is currently under threat due to maritime insecurity, LEADERSHIP has learnt.

LEADERSHIP reports that maritime experts have argued that the nation can generate N7 trillion annually due to the enormous potential inherent in the blue economy.

However, to fully utilize ocean resources in the blue economy, Nigeria must tackle piracy, illegal fishing, inter-state disputes, transnational crime such as arms and narcotics smuggling, among other multifaceted threats to maritime security.

During the 2014 edition of the World Maritime Day, this weekend in Lagos, titled ‘Navigating the Future: Safety First’, held in Lagos, Chairman of the Commission for the Limits of the Continental Shelf (CLCS), Prof. Larry Awosika According to Nigeria Nigeria, as a maritime state with a vast marine territory, must address these issues to fully utilize its ocean resources.

Prof. Awosika said ensuring safe, secure, energy-efficient and low-carbon maritime transport is essential for the sustainable exploitation of marine resources.

He said unsustainable maritime practices, including safety deficiencies and environmental degradation, pose a significant threat to the maritime industry.

According to him, the blue economy, which includes fishing, resource extraction, maritime transport, ecosystem health and tourism, can only thrive if there is maritime security.

He further argued that investments in marine exploration and tourism could be undermined by security threats that would affect both the national and global economies.

The professor noted that the federal government, the Ministry of Marine and Blue Economy and related agencies must prioritize maritime safety through new investments in infrastructure, science, data and technology.

Earlier, the Minister of Marine and Blue Economy, Adegboyega Oyetola, expressed the need to address the safety and security challenges facing the Nigerian maritime sector, especially in light of new technologies and alternative fuels aimed at reducing emissions of greenhouse gases (GHG) from ships.

He stressed that to ensure both shipping safety and operational efficiency, the government must invest and upgrade facilities and build capacity to keep Nigeria competitive in global seaborne trade.

Oyetola, represented by the Permanent Secretary, Ministry of Marine and Blue Economy, Oloruntola Olufemi, also noted that Nigeria has consistently aligned its regulatory framework with International Maritime Organization (IMO) standards and other global maritime regulations, furthering its commitment to maintenance of the highest levels is strengthened. of maritime safety.

“The ministry’s key initiatives are the digitalization and automation of port operations to improve safety, security and efficiency, as well as performance optimization to reduce costs and increase reliability, and the adoption of innovative practices to drive our industry in the towards sustainable development.

“President Bola Tinubu is investing heavily in the modernization of ports to reduce inefficiencies, reduce operational costs and improve security in our ports. This process is financed through public-private partnerships (PPP),” he explains.

Oyetola said the government has also made significant progress in creating an enabling environment for port activities by aligning its policies with global best practices.

This, he said, has enhanced safety, security and efficiency at our ports, leading to a notable reduction in delays associated with processing exports and imports.

He, however, said the government needs the support of the private sector to provide the resources and state-of-the-art facilities needed to elevate the Nigerian maritime industry.

He said Nigeria has consistently worked to align its regulatory framework with the standards of the International Maritime Organization (IMO) and other international maritime regulations, thereby strengthening our commitment to maintaining the highest standards of maritime safety .

Also speaking, Bwala Williams, Deputy Permanent Representative of Nigeria to the International Maritime Organization (APR-IMO), London, noted that the organisation’s focus on improving maritime safety and security is timely, especially as the world Commemorates 50th anniversary of the International Convention for the Safety of Life at Sea (SOLAS).

Williams acknowledged the progress made in establishing global safety standards, which have been critical to saving lives and preventing maritime disasters.

However, Williams warned against complacency, citing the growing threats of pollution, overfishing and climate change.

He called for sustainable practices, improved fisheries management and the expansion of marine protected areas.

He reaffirmed Nigeria’s commitment to promoting maritime security, environmental sustainability and the blue economy through innovative policies and international partnerships, as well as Nigeria’s alignment with the United Nations Sustainable Development Goal (SDG) 14, which aims to conserve and sustainably use the oceans.

The Managing Director of the National Inland Waterways Authority (NIWA), Bola Oyebamiji, stressed the urgent need to effectively address challenges such as pollution, the effects of climate change and inadequate infrastructure through innovative solutions and meaningful dialogue with all stakeholders.

Oyebamiji urged government officials, industry leaders, academics and civil society to work together to promote sustainable practices within Nigeria’s maritime sector and develop policies that protect the country’s waterways while promoting economic growth.