From left: Member, Board of Trustees, Centre for Financial Journalism; Dr Uju Ogubunka, Chairman of the Centre, Mr. Ernest Ebi,  Special Adviser to the President on Media and Publicity; Mr. Femi Adesina, head, Public Affairs Dept., Nigerian Communications Commission; Mrs. Osinachi Chukwu, DG, Nigerian Maritime Administration and Safety Agency and Guest Lecturer; Dr. Bashir Jamoh, Principal Partner, Chiazor Anishere & Partners and chairman of the event, Jean Chiazor- Anishere, SAN, President, Ship Owners Association of Nigeria SOAN, and Panelist, Dr. Mkgeorge Onyung, at The Bullion Lecture 2023 organised by Centre for Financial Journalism in Lagos recently.

With vast coastlines of over 850kilometres bordering the Atlantic Ocean from Badagry in Lagos to Bakassi in Cross River State, Nigeria which currently runs a monolithic oil economy would need to harness her rich but untapped blue economic potential in order to attain her dreamed growth and development.

Director General of the Nigerian Maritime Administration and Safety Agency NIMASA, Dr Bashir Jamoh OFR, who made this known while delivering the lead paper at the 2023 edition of the Bullion Annual Lecture organised by the Centre for Financial Journalism with the theme: “Banking on Blue Economy for Nigeria’s Economic Development, also noted that current realities in both the local economy and the global oil market make it expedient for the country to move towards diversification in order to attain her dreamed developmental goals.

Adopting the World Bank (2017) definition of the Blue Economy as the sustainable use of the ocean resources for economic growth, improved livelihood and jobs, while preserving the health of the ocean ecosystem, Jamoh observed that Nigeria’s sustenance has over the years been hinged on a monolithic economy with the discovery of crude oil in commercial quantities in Oloibiri, Bayelsa State in 1956.

He however insists that the country has been largely dependent on the oil sector and currently faced with the urgent need to diversify her economy by harnessing the vast and rich blue economic potential.

“Nigeria had focused on a hybrid economic structure that blends oil with agriculture but the former remained consistent as economic mainstay ahead of the latter over the years. Today, the waters provide now low hanging fruits to diversify the economy. It is increasingly being accepted that the country’s future lies in the Blue Economy.

“We need to take stock of what is out there in our waters, we need to know what we have in terms of what will create jobs, build coastal communities, grow careers, enhance transport of humans and cargo, renew and sustain the environment, reduce poverty and make our nation competitive by maximising our comparative ocean advantages”, the DG also said.

It was in the light of this that on assumption of office about three years ago, the Jamoh-led management of NIMASA introduced its growth strategy around the tripod of Maritime Security, Maritime Safety and Shipping Development, popularly known as the ‘Triple S’. He noted that with the recent gains in calming the nation’s waters in terms of ridding them of piracy and other maritime crimes, it is time for the country to pivot to the economics of maritime domain awareness, hence the Blue Economy.

On Federal Government’s policy towards economic diversification he said: “Nigeria’s Government policy direction towards economic diversification from oil dependence to Blue Economy is deliberate because studies have proven that the oil industry is to be subject to limitations in the face of global demand for environmentally sustainable sources of energy. It is also an acceptable fact that the country stands to benefit more from her waters if sustainable steps are taken to harness the many untapped marine potential for investment and job creation while preventing marine pollution.

“Under the outgoing Buhari administration, there is an Expanded Partnership Committee on Sustainable Blue Economy in Nigeria EPCSBEN, chaired by the Vice President, Yemi Osinbajo. Participation in the EPCSBEN cuts across various ministries, departments and agencies MDAs, with the Federal Ministry of Transport playing a leading role”.

He regretted that while many confine their idea or concept of Blue Economy as one that only revolves around the littoral states where large bodies of water are found with seaports and jetties, the benefits are currently cascading to non -littoral areas of the country.

Citing Kano and Kaduna as some of the non-littoral states, which have not large body of water, Jamoh noted that northern-based businesses and importers now depend on transhipment of cargoes from the conventional seaports to the dry ports in the region. He disclosed that dry ports and other terminals in Kano and Kaduna have a combined capacity in excess of 18, 000 Twenty Equivalent Units TEUs, which is growing constantly.

He listed the five pillars of the Blue Economy to include sustainability, promoting ocean resources, preservation of the ecosystem, economic growth and increased livelihoods and job creation. He also listed threats to Blue Economy to include piracy, smuggling, illegal oil bunkering, narcotic trafficking, arms running, pollution and kidnapping, among several others.

Meanwhile, chairman of the event, Jean Chiazor- Anishere, SAN, in her earlier remarks, made a strong case for a strategic and coordinated approach in the effort to unlock the potential of the Blue Economy of the country.

Anishere, who is a maritime lawyer and President of the Women in Maritime Africa WIMA, added that such measures must take into account the unique needs and challenges of Nigeria’s coastal communities.

Another maritime lawyer and former President of the Nigerian Bar Association NBA, Dr. Olisa Agbakoba, SAN, renewed his call for the creation of Ministry of Maritime Affairs like its aviation counterpart. He also urged the management of Centre for Financial Journalism to ensure that deliberations at the lecture are conveyed to the incoming Nigerian government in a manner of agenda-setting.

Special guest of honour at the occasion and Executive Vice-Chairman, Nigerian Communications Commission NCC, Prof. Umar Danbatta, said the Federal Government launched the National Digital Economy 2020-2030 to drive the economy in a way it would advance the benefits of the blue economy.

Represented by the Director, Public Affairs, Mr. Reuben Muoka, Danbatta disclosed that 90 per cent of the rural population in the country would enjoy fluid internet usage by the year 2025.