Tinubu: Africa Must Utilize Investment Opportunities in Nigeria’s Blue Economy

* Seeks regional, global alliance

* Says blue economy’s worth stands at over $1.5trn per year globally

* Inaugurates three newly acquired naval ships and two helicopters in Lagos 

Deji Elumoye in Abuja 

President Bola Tinubu has extended letters of invitation to countries worldwide, especially those on the African continent, to take advantage of the investment opportunities that abound in Nigeria’s blue economy.

Accordingly, he implored the Nigerian Navy and its African partners, as well as other stakeholders to focus on achieving a secure and prosperous maritime future that is beneficial to all, saying the nation can’t afford to fail in its responsibilities to Africa and the world at large.

The president made the call Thursday when he declared open the 2024 International Maritime Conference held at the Naval Dockyard, Victoria Island, Lagos.

President Tunubu, who was represented by Vice-President Kashim Shettima, observed that while a flourishing blue economy is the bedrock of every vibrant nation, the only way to attain such an economy is through “a progressive naval force”.

To this end, he sought the commitment and devotion of officers of the Nigerian Navy and their international affiliates, describing them as “the lifeguards of our maritime environment”.

In his speech titled, ‘It’s Time to Secure Our Maritime Future’, which was read by Shettima, the president told the conferees: “This conference must inspire all stakeholders to see the big picture—that we cannot afford to fail in our responsibilities to the continent and indeed, the entire world.

“Let us work towards a maritime future that is secure, prosperous, sustainable and beneficial to all our people and the generations to come. I urge you all to feel at home and take advantage of the investment opportunities that abound in Nigeria’s blue economy.”

Noting that the conferees have a role to play in the bid to maximize the potential of the blue economy, which he pegged per year at $1.5 trillion globally and $300 billion continentally, Tinubu said: “The wealth of Africa can never be realized unless we prioritize the protection and development of our maritime environment.

“The blue economy is estimated to be worth more than US $1.5 trillion per year globally and is 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.”

He congratulated the Nigerian Navy on its 68th anniversary, saying the nation remains immensely grateful for the service it has rendered in the past 68 years, “serving as a critical pillar of our security,” even as he applauded the marine forces for creating “a sense of balance and stability” in the country.

The president specifically commended the Minister of State for Defence, Bello Matawalle; the Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla and the naval officers for “creating a safe and secure environment for economic growth and prosperity”.

“There is no greater incentive to ensure that the infrastructure and technologies at the disposal of the Nigerian Navy are of the highest sophistication than the successes we have witnessed in our anti-crude oil theft crusade since I assumed office in 2023. This has contributed immensely to the higher oil production levels we have seen,” he further said.

Earlier in his welcome address, the Chief of Naval Staff (CNS), Vice Admiral Ogalla, said the outcome of the 2024 International Maritime Conference organised to commemorate the 68 anniversary of the Nigerian Navy will go a long way in enhancing its capabilities and strengthening existing collaborations in safeguarding the nation’s maritime environment.

He added that the forum will also offer a veritable platform to consolidate on the achievements of the combined maritime task force in support of the development of the blue economy on the continent, in the sub-region and the nation in particular.

Also speaking, the Minister of State for Defence, Matawalle, urged participants at the conference and partners of the Nigerian Navy to come up with innovative ways by which the navies in the sub-region can discharge their duties, and for Nigeria, in actualising the vision of President Tinubu for the safety and security of the nation’s maritime environment.

On his part, the Deputy Governor of Lagos State, Mr Obafemi Hamzat, while acknowledging the significant strides of the Nigerian Navy, especially in safeguarding the country’s maritime domain, said the conference showcases the country’s rich maritime heritage and the efforts of the navies in the Gulf of Guinea.

Earlier, on arrival at the Naval Dockyard in Victoria Island, the vice-president inaugurated three newly acquired Naval Ships — Nigerian Navy Ship OCHUZO, Nigerian Navy Ship CHALAWA, and Nigerian Navy Ship ZUR — as well as two helicopters – Nigerian Navy 412 and Nigerian Navy 414.

Shettima, who represented the president afterwards, proceeded to declare open the Regional Maritime Exercise and also inspected the ongoing Seaward Defence Boats project. 

This was just as he took time to visit the exhibition stand mounted by the Nigeria Navy at the event.