The Chairman, SIFAX Group, Dr. Taiwo Afolabi, has identified potential areas of growth that Nigeria needs to take advantage of in developing its blue economy.
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”, Afolabi noted that the country has many untapped opportunities in the maritime sector.
Represented by the Group Managing Director, Sky Capital and Financial Allied Company Limited, Bode Ojeniyi, he stressed that developing the country’s blue economy is now more imperative than ever due to the government’s policy of moving away from the largely one-product economy that Nigeria has been running for decades.
His words: “Serious attention should be devoted to the development of our coastlines by the government as this could spur huge recreational and economic activities around such localities. Coastal tourism development has the potential to provide socio-economic benefits to Nigeria, especially during this period when the Nigerian 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.
“Offshore wind energy is also a real and promising form of renewable energy generated by offshore wind turbines, which makes it possible to take advantage of strong ocean winds for electricity generation later exported to land where it is consumed in several economic activities. In turn, solar energy can be used in power navigation and communication ships’ systems and equipment and those of other floating structures.”
The SIFAX chairman pointed out that the country can learn from the experience of Philippines which has deployed more seafarers in the global shipping business than any other country.
According to him, the country needs to develop a robust maritime educational curriculum that takes into cognizance of 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, as he identified some of the sustainable measures of using the country’s ocean resources.
These he highlighted include the promotion of sustainable aquaculture practices, modern environmental waste management, monitoring, control, and surveillance of Nigeria’s territorial waters, and improvement of maritime safety and security.
Others are the preservation of marine ecosystems, addressing the challenge of pollution in coastal areas, enactment of laws that promote the blue economy, and proper regulation by relevant government agencies.
PHOTO: Bode Ojeniyi, Group Managing Director, Sky Capital & Financial Allied Company Limited, representative of Dr. Taiwo Afolabi, Chairman, SIFAX Group delivering the 16th LAUTECH Convocation Lecture recently.