In order to fully realize the real potential of Africa’s blue economy, President Bola Ahmed Tinubu has stressed the importance of international cooperation on marine security.
The president stated this while Speaking at the 2024 International Maritime Conference which was held in Lagos, which took place at the Naval Dockyard Limited on Victoria Island, Lagos, to mark the 68th anniversary of the Nigerian Navy.
The President, who was represented by the Vice President Kashim Shettima, recognized that marine risks are transnational in character and that increased international cooperation is necessary to help control and fight them.
According to him, the conference’s theme, “Promoting the Blue Economy in Africa through International Cooperation on Maritime Security,” is in line with Africa’s Agenda 2063, the Vision of Africa’s Integrated Maritime Strategy 2050, and Sustainable Development Goal 14 of the UN.
He said: “The blue economy is expected to grow to US $15.5 trillion by 2050, with an estimated worldwide value of around US $1.5 trillion annually. According to the “Africa Blue Economy Strategy,” the continent today makes over $300 billion in revenue from the blue economy, which also serves as a job avenue for citizens and has created 49 million employment. By 2030, the Africa Blue Economy will be expected to reach $405 billion in US dollars.
“It is appropriate to emphasize unequivocally that any effort that has been made on the part of the Nigerian Navy to establish a healthy relationship with Coast Guards and navies all around Africa is a positive and welcomed step.
The President assured his administration’s commitment to supporting the Nigerian Navy’s statutory responsibilities, regional, and international collaboration efforts to provide a secure environment for Africa’s blue economy to survive, while also praising the Nigerian Navy’s efforts in tackling security challenges in the maritime domain and collaborating with other agencies to eliminate threats.
“Since The Nigerian Navy was founded 68 years ago,Nigerian Navy has absorbed the realities of our national imperatives and has continued to confront contending issues by adopting the most optimal policies and strategies to address the rapidly changing security challenges in our nation,” the president’s statement read.
“As an important branch of our armed forces, the Navy has over the years evolved and reinvented itself to effectively deal with the threats in the maritime domains. It has also partnered with other maritime agencies to mitigate these threats affecting our national development. However, these threats have become transnational, beyond the scope and capability of one nation to deal with. The situation calls for greater international collaboration.
“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.
“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.
“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”, he said.
In order to grow the blue economy agenda, President Tinubu tasked participants to use the conference as a catalyst to build international partnerships on marine security. In addition, he exhorted participants to take use of Nigeria’s rich cultural legacy and investigate investment prospects in the blue economy.
