… say blue economy can redeem Nigerian’s debts
Harnessing the rich potentials in the blue economy was the standpoint of the 2023 Bullion Lecture held recently at the Civic Centre, Victoria Island, Lagos, as experts harped on the need for a co-ordinated commercial approach to tap into these potentials.
This is just as the stakeholders stressed that proper utilisation of ocean resources is enough to redeem Nigeria from it’s high debt profile.
The experts mostly from the Maritime Industry noted that the ocean covers 72 per cent of the entire world with 700,000 animal species hence, the need for a sustainable use of ocean resources for economic growth.
In his delivery at the event themed, ‘Banking on Blue Economy for Nigeria’s Economic Development’ organised by the Centre for Financial Journalism, the guest lecturer, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Doctor Bashir Jamoh, said there was need for total rethink of the nation’s waters, emphasising a change from a ceremonial view to a commercial standpoint.
He advised that people should not see shipping as an old-fashioned industry, which is not the case, as it is still depended on and brings in almost 90 per cent of what Nigerians consume.
He added that the country is faced with the need for diversification and a move away from the dwindling revenue generated from the oil sector.
Jamoh said: “There are many aspects to maritime domain awareness ranging from security to safety to the health of the marine environment.
“But when it comes to the Blue Economy, all eyes must be on the money. We need to know what we as Nigeria have domiciled in our Economic Maritime Domain.
“Most discussions about Maritime Domain Awareness have centred largely on security.
“Little wonder that when I assumed office three years ago as the Director General of NIMASA, we introduced our strategy around the tripod of Maritime Security, Maritime Safety and Shipping Development, known popularly as the TRIPLE ‘S,’ but with the recent gains in calming our waters, it is now time for Nigeria to pivot to the Economics of Maritime Domain Awareness hence the Blue Economy.
“We need to take stock of what is out there in our waters – we need to know what we have in terms of what will create jobs, build coastal communities, grow careers, enhance transportation of humans and cargo, renew and sustain the environment, reduce littoral areas poverty and make our nation competitive by maximising our comparative oceanic advantages.
“The country had focused on a hybrid economic structure that blends oil with agriculture but the former remained consistent as growing economic mainstay ahead of the latter over the years.
Today, the waters provide low hanging fruits to diversify the economy. It is increasingly being accepted that the country’s future lies in the Blue Economy.
“Dr. Agbakoba made mention of the debt that the incoming government will inherit. If you look at the blue economy, you will think that it’s child’s play, but it is not.
“Once we are serious, we can use the blue economy to knock out the debts.”
Jamoh pointed out that the Nigerian government’s policy direction towards economic diversification from oil dependence to blue economy is deliberate because studies have proven the oil industry to be subject to limitations in the face of global demand for environmentally sustainable sources of energy.
He stressed that notable events involving the sea should be redesigned to make economic profit.
Jamoh said: “Events such as Argungu Fishing Festival and others must be redesigned and repackaged from the standpoint of the blue economy.
“We must intentionally work to banish sea blindness amongst Nigerians, ensure shipyard expansion for shipbuilding and others.”
He disclosed that NIMASA was driving Nigeria blue economy through the disbursement of the $720 million Cabotage Vessel Finance Fund (CVFF), deployment of modulator floating dock, capacity building of seafarers, wreck removal, underwater marine cable regulation and management and others.
The NIMASA boss added that the nation must start to develop blue ambassadors and advocate for the industry while waiting for a cohesive national policy to fully kick off the blue economy.
Also speaking at the event, a former Continental President of African Women in Maritime (WIMAFRICA) and Principal Counsel, Jean-Chiazor and Partners, Mrs. Jean-Chiazor Anishere, posited that all industry stakeholders must work together via a coordinated approach to enable the country successfully bank on the blue economy to drive economic growth.
Anishere, who also chaired the occasion, maintained that Nigeria is blessed with vast coastline and abundant marine resources that can easily be harnessed for economic growth and development.
Her words: “It is just not for us to tap into the ocean resources. We need to ensure that it is sustained otherwise, we will not have anything to tap from.
“The sustainability of the blue economy is very key. It represents a significant opportunity for Nigeria to diversify its economy and create other alternatives for job creation and revenue generation by investing in things such as fisheries, aquaculture, maritime transport tourism and others.
“To fully unlock these potentialities of the blue economy, it is essential that we adopt the strategic approach on what one can take into account to help.”
On his part, the President of Shipowners Association of Nigeria (SOAN), Doctor Mkgeorge Onyung, during the panel of discussion stated that a sustainable blue economy will take a destructive thinking.
He noted that the language of shipping is inevitable in blue economy, therefore, he recommended that we start thinking of how to knock down some of the EKo bridges to build higher bridges that can take ship underneath.
Also to tap into the potentials of blue economy according to him, is to acquire ferries that can take up to 450 passengers, “then we can decongest the roads of Lagos.”
Onyung further recommended a plan to relocate Ajegunle to lessen the congestion on Apapa Port axis.
“We need to plan to relocate Ajegunle because of Apapa Port.
“Nobody builds a Port in a city. A sustainable blue economy will take a destructive thinking,” he pointed out.
The SOAN President also used the occasion to assure industry stakeholders, NIMASA and the Ministry of Transportation that its members would ensure a proper utilisation of the CVFF when disbursed.
He averred that members of SOAN are very serious business persons.
“When we take this money, we are not taking it as a grant but a proper loan.
“At SOAN, we can give you as a guarantee that we are a group of genuine shipowners.
“There is no member of our association that does not have a ship.
“Our members are already working with International Oil Companies (IOCs) and we have good international standards.
“We are ready and responsible to take this facility. When one ship berths in our water, you see that the Chandler’s that you are talking about, the clearing agents, everybody will be part of the business,” Onyung said.
He appreciated the Federal Ministry of Transportation and NIMASA for bold steps in planning to disburse the fund.