President Bola Ahmed Tinubu has stated the need for international cooperation on maritime security to unlock the vast potential of Africa’s blue economy.
Speaking at the 2024 International Maritime Conference in Lagos, commemorating the Nigerian Navy’s 68th anniversary, President Tinubu, represented by Vice President Kashim Shettima, highlighted the transnational nature of maritime threats and the imperative for greater international collaboration to address them.
Themed “Promoting the Blue Economy in Africa through International Cooperation on Maritime Security,” the conference aligns with the United Nations Sustainable Development Goal 14, the Vision of Africa’s Integrated Maritime Strategy 2050, and Africa’s Agenda 2063.
“Significantly, the blue economy is estimated to be worth more than US $1.5 trillion per year globally and projected to increase to US $15.5 trillion by 2050. The ‘Africa Blue Economy Strategy’ estimates that the blue economy currently generates nearly US $300 billion for the continent, creating 49 million jobs in the process. The Africa Blue Economy is projected to hit US $405 billion by 2030,” stated Tinubu.
President Tinubu applauded the Nigerian Navy’s efforts in tackling maritime security challenges and fostering partnerships with other agencies. “It is very appropriate to state categorically that any collaborative initiative by the Nigerian Navy to build partnerships across African navies and Coast Guards is in the right direction,” he said.
He reiterated his administration’s commitment to supporting the Navy’s statutory responsibilities and regional and international collaboration efforts.
“Notwithstanding the challenges of the moment, I am glad to reiterate that my administration is determined to ensure that the Nigerian Navy is supported to achieve its statutory responsibilities. We shall also support regional and international collaboration as well as partnership efforts of the Nigerian Navy towards providing the enabling environment for Africa’s Blue Economy to thrive,” Tinubu affirmed.
Tinubu emphasized Africa’s rich endowment with strategic economic resources in its blue economy and the importance of a secure maritime environment free from threats such as piracy and other criminal activities for sustainability.
“Our continent is very rich and endowed with living and non-living resources, having vast strategic economic resources in her blue economy. A secured maritime environment, one that is free from threats such as piracy or other criminal activities is essential for the sustainability of Africa’s blue economy,” he highlighted.
The President called on stakeholders to use the conference as a catalyst to foster international cooperation on maritime security, advance the blue economy agenda, and explore investment opportunities in Nigeria’s blue economy.
“Let me affirm that this event comes at a critical period when Nigeria faces multifaceted security challenges. It therefore calls for improvement in security conditions required to significantly raise the contribution of the marine and blue economy sector to the nation’s Gross Domestic Product,” he noted.
Participants were also encouraged to enjoy Nigeria’s rich cultural heritage while exploring investment opportunities in the blue economy sector.
