Nigeria’s President Tinubu Urges Africa to Harness Blue Economy Potential

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President Bola Tinubu has extended an invitation to the global community, particularly African nations, to explore the rich investment opportunities within Nigeria’s blue economy. This call to action was made during the 2024 International Maritime Conference at the Naval Dockyard, Victoria Island, Lagos, emphasizing the need for collaborative efforts towards a secure and prosperous maritime future.

Speaking through Vice President Kashim Shettima, Tinubu highlighted the critical role of a robust blue economy as the foundation for a vibrant nation. He emphasized that achieving such an economy requires the dedication of a progressive naval force. The Nigerian Navy, alongside its African counterparts and other stakeholders, was called upon to focus on securing and enhancing the maritime environment, crucial for the continent’s overall economic health.

The conference, themed “It’s Time to Secure Our Maritime Future,” aimed to inspire participants to recognize the significant responsibilities they hold towards Africa and the broader international community. Tinubu urged stakeholders to work towards a maritime future that promises security, prosperity, sustainability, and broad benefits for current and future generations. He stressed the importance of leveraging the abundant investment opportunities in Nigeria’s blue economy.

The President underscored the vast economic potential of the blue economy, noting its global value at $1.5 trillion annually, with projections to soar to $15.5 trillion by 2050. For Africa, the blue economy is currently valued at $300 billion, generating approximately 49 million jobs. This figure is expected to grow to $405 billion by 2030. Tinubu pointed out that the continent’s true wealth could only be realized by prioritizing the protection and development of its maritime resources.

In his address, Tinubu also congratulated the Nigerian Navy on its 68th anniversary, acknowledging its vital role in maintaining national security and stability. He praised the Navy’s efforts over the years, recognizing its contributions to creating a secure environment conducive to economic growth and prosperity. The President specifically lauded the Minister of State for Defence, Bello Matawalle, the Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla, and the naval officers for their exemplary service.

Tinubu also highlighted the Navy’s success in combating crude oil theft, attributing this achievement to advanced infrastructure and technologies. This anti-theft crusade has significantly contributed to higher oil production levels since he assumed office in 2023.

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