The Honourable Minister Of Transportation, Mu’azu Jaji Sambo  has identified finance as a critical need to  unlock potentials of the blue economy in Africa-particularly Nigeria.

Sambo reiterated Nigeria’s commitment to the sustainability of the blue economy while declaring open the 2022 edition of the Nigerian International Maritime Summit (NIMS) at the Oriental Hotel in Lagos, Nigeria.

The Minister said NIMS is intended to capture important questions, opportunities and challenges associated with Nigeria’s quest for achieving a sustainable approach to harnessing the blue economy.

According to him “the Summit was also necessary for discussions within the global community on the need to reshape the way the shipping industry operates in the face of current and future challenges, ranging from a changing climate and the need for rapid decarbonisation by 2050 cannot be overemphasized”.

Nigeria’s commitment to the sustainability of the blue economy is demonstrated by the adoption of the United Nations Sustainable Development Goals (SDGs).

“To this end, an Expanded Committee on Sustainable Blue Economy in Nigeria (ECSBEN) under the leadership of the Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, is driving the implementation process to perfect the agenda for a national strategy.

“This agenda amongst others is focused on providing an assessment of the current realities, opportunities and challenges for economic diversification and the growth of a sustainable blue economy.

“This includes the identification and review of relevant policies and institutional/capacity-building mechanisms. This is in addition to the identification of regional and cross-border partnerships necessary for the implementation of the blue economy plan, the relevant sectors, actors and linkages, and the development of a national action plan with an implementation strategy for the Nigerian blue economy,” he said.

Sambo further revealed that synergy with the appropriate authorities had led to several achievements in the fight against piracy in the Gulf of Guinea, extolling the leadership virtues of President Muhammadu Buhari and other stakeholders for their support in achieving zero piracy in Nigeria’s Maritime domain since the commissioning of the Deep Blue project in June 2021 by President Buhari.

The Minister identified finance as a critical driver for unlocking the potentials of the blue economy in Africa and particularly Nigeria.

“Sustainable financing models are therefore important to build critical maritime assets such as shipyards and ports across the country.

“This Summit will undoubtedly serve as a benchmark for stakeholders in Nigeria and beyond to further develop innovative strategies to sustainably harness the vast potentials of the blue economy”.

The Minister thanked the Governing Board and the Advisory Council of the Nigeria International Maritime Summit, the Secretariat, Agencies and other stakeholders who have worked assiduously with the Federal Ministry of Transportation, for putting together the event.