SIFAX boss unveils potential of blue economy

The Chairman, SIFAX Group, Dr. Taiwo Afolabi, has identified coastal tourism and renewable energy generation as some of the potential areas of growth that Nigeria needs to take advantage of in developing its blue economy.

Afolabi, while delivering the 16th Convocation Lecture of the Ladoke Akintola University of Technology (LAUTECH), Ogbomoso on the topic “Towards a sustainable blue economy and marine development in Nigeria: trends, challenges and prospects”, noted that the country has many untapped opportunities in the maritime sector.

He said developing the country’s blue economy is now more imperative than ever due to government’s policy of moving away from the largely one-product economy that Nigeria has been running for decades.

He said: “Coastal tourism development has the potential to provide socio-economic benefits to Nigeria, especially during this period when the government is trying to diversify the economy from being a predominantly crude oil-based economy to a multi-product economy, which can withstand the volatility in oil prices in the world market.”

“One other lucrative sector within the blue economy concept is the opportunity for harvesting renewable energy. Renewable energies, such as wind, solar, hydro, and tidal energy, are energy alternatives to fossil fuels that can contribute to reducing the carbon footprint of the maritime sector.”

Afolabi further noted that the country can learn from the experience of Phillipines which has deployed more seafarers in the global shipping business than any other country.
He said the country needs to develop a robust maritime educational curriculum that takes into cognizance technology, trends, and the dynamic nature of the industry.

Afolabi, however, cautioned that tapping the potential in the blue economy should be done responsibly and sustainably.