‘How Nigeria can harness $2.5 trillion from ocean resources’

.IMO affirms country’s commitment to safety, environmental sustainability

For Nigeria to achieve the $2.5 trillion economic potential of its ocean resources, it must address piracy, illegal fishing, interstate disputes, and transnational crime such as smuggling of arms and narcotics among other multifaceted threats to maritime security.

According to international and local stakeholders, Nigeria, as a maritime state with extensive marine territory, must tackle these issues to fully harness its ocean resources.

This was stated, yesterday at the 2024 World Maritime Day, commemorated by the Ministry of Marine and Blue Economy in Nigeria with the theme: “Navigating the Future: Safety First,” held in Lagos

The Chairman of the Commission on the Limits of the Continental Shelf (CLCS), Prof. Larry Awosika, who was the guest speaker, said ensuring safe, secure, energy-efficient and low-carbon maritime transport is essential for the sustainable exploitation of marine resources.

He underscored that unsustainable maritime practices, including security lapses and environmental degradation, pose significant threats to marine-based industries.

Awosika said the Blue Economy, which encompasses fishing, resource extraction, marine transportation, ecosystem health and tourism can thrive only through a foundation of maritime security.

Awosika further expressed concerns that investment in marine exploration and tourism could be undermined by such security threats, affecting both national and global economies.

He urged the Federal Government, the Ministry of marine and blue economy as well as related agencies to prioritise safety at sea through new investments in infrastructure, science, data, and technology.

The minister of Marine and Blue Economy, Adegboyega Oyetola, emphasised the need to address safety and security challenges facing Nigeria’s maritime sector, especially in light of new technologies and alternative fuels aimed at reducing greenhouse gas (GHG) emissions from ships.

He stressed that to ensure both shipping safety and operational efficiency, the government must invest in upgrading facilities and building capacity to keep Nigeria competitive in global seaborne trade.

Oyetola also noted that Nigeria has consistently aligned its regulatory framework with International Maritime Organisation (IMO) standards and other global maritime regulations, reinforcing its commitment to upholding the highest levels of maritime safety.

Also speaking, Nigeria’s Alternate Permanent Representative to the International Maritime Organisation (APR-IMO), London, Bwala Williams, noted that the organisation’s focus on enhancing maritime safety and security is timely, particularly as the world commemorates the 50th anniversary of the International Convention for the Safety of Life at Sea (SOLAS).

Williams recognised the progress made in setting global safety standards, which have been key to saving lives and preventing maritime disasters. However, Williams warned against complacency, citing the growing threats of pollution, overfishing and climate change.

He called for sustainable practices, improved fisheries management, and the expansion of marine protected areas. He reaffirmed Nigeria’s commitment to advancing maritime safety, environmental sustainability, and its blue economy through innovative policies and international partnerships as well as Nigeria’s alignment with the United Nations’ Sustainable Development Goal (SDG) 14, which aims to conserve and sustainably use oceans.

The Director of Maritime Safety and Security at the Federal Ministry of Marine and Blue Economy, Babatunde Bombata, noted that climate change is reshaping traditional weather patterns, resulting in more extreme conditions that threaten maritime activities.

He also pointed out the increased risk of cyber threats as the sector becomes more industrialised, stressing the need for robust safety measures and practical risk management strategies.

Bombata emphasised that with rapid technological change, including innovations like autonomous vessels, renewable energy platforms, and artificial intelligence, Nigeria’s commitment to safety must remain steadfast as these advancements present both opportunities and new risks.

The Managing Director of the National Inland Waterways Authority (NIWA), Bola Oyebamiji, highlighted the urgent need to effectively address challenges such as pollution, climate change impacts, and inadequate infrastructure through innovative solutions and meaningful dialogue with all stakeholders.