Tinubu Urges Africa to Tap into Nigeria’s Blue Economy

The world community, particularly African nations, have been extended an invitation by President Bola Ahmed Tinubu to capitalise on the wealth of investment prospects found in Nigeria’s blue economy.
Additionally, he begged the Nigerian Navy, its African allies, and other stakeholders to concentrate on building a safe and prosperous maritime future that benefits everyone, stating that Nigeria cannot afford to fail in its obligations to the continent and the global community.

According to a statement released by the president’s senior special assistant for media and communications at the vice president’s office, Stanley Nkwocha, on Thursday, May 30, the president made the call when he opened the 2024 International Maritime Conference, which was held at the Naval Dockyard on Victoria Island, Lagos.

A thriving blue economy is the cornerstone of any thriving nation, according to President Tinubu, who was represented at the conference by Vice President Kashim Shettima. However, he noted that the only way to achieve such an economy is through “a progressive naval force.”

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In doing so, he called the Nigerian Navy’s officers and their international affiliations “the lifeguards of our maritime environment” and asked for their dedication and commitment.

The President addressed the conference, saying, “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.” Vice President Shettima read the speech, which was titled “It’s Time to Secure Our Maritime Future.”

“Let us strive for a marine future that benefits all of our people as well as future generations and is safe, economic, and sustainable. I implore you all to settle down and seize the numerous investment opportunities available in Nigeria’s blue economy.

President Tinubu stated: “The wealth of Africa can never be realised unless we prioritise the protection and development of our maritime environment.” He estimated the potential of the blue economy at $1.5 trillion globally and $300 billion continentally annually. He noted that the conferees have a role to play in the effort to maximise this potential.

Globally, the blue economy is expected to be valued around US $1.5 trillion annually and grow to US $15.5 trillion by 2050. According to the “Africa Blue Economy Strategy,” the continent today receives over $300 billion in revenue from the blue economy, which also creates 49 million employment. By 2030, the Africa Blue Economy is expected to reach US $405 billion.

While praising the marine forces for fostering “a sense of balance and stability” in the nation, he also congratulated the Nigerian Navy on its 68th anniversary and stated that the country is still incredibly grateful for the service it has provided over the previous 68 years, “serving as a critical pillar of our security.”

The President also praised Vice Admiral Emmanuel Ikechukwu Ogalla, the Chief of Naval Staff, Bello Matawalle, the State Minister for Defence, and the naval commanders for “creating a safe and secure environment for economic growth and prosperity.”