‘SAFETY ON OUR WATERS IS CRITICAL FOR ECONOMIC GROWTH’ — OYETOLA
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According to Mr. Adegboyega Oyetola, Minister of Marine and Blue Economy, maintaining safety on the country’s territory and coastal waterways is not just required by law but also plays a vital role in facilitating trade, investment, and economic growth.
Oyetola stated during a speech at the Lagos International Maritime Week that safeguarding the security of the country’s seas is essential to preserving Africa’s economic future and realizing the enormous potential of the blue economy.
He explained that the absence of safety and security will make organizations experience heightened risks, operational disruptions, and lost investor confidence.
Oyetola stated, “Navigating the Future of Africa’s Marine and Blue Economy—Safety First—is especially significant because safety remains the cornerstone upon which all maritime operations and business success rest.
“In the maritime world, safety is not merely a regulatory obligation, it is a critical component and an enabler of economic growth, trade, and investment. Ensuring the safety of our waters is crucial for securing Africa’s economic future and unlocking the vast potential of the blue economy. In its absence, businesses encounter heightened risks, operational disruptions, and diminished investor confidence. However, when safety is prioritized, it fosters a secured and stable environment where commerce prospers, investments grow, and innovation thrives.
“This administration recognizes the compelling need for enhanced maritime security. Through key initiatives such as the Deep Blue Project, we have recorded a quantum leap in reducing maritime crimes, including piracy and smuggling, in Nigerian waters and across the Gulf of Guinea.
“This has made our maritime space safer and more conducive for businesses, resulting in improved throughput, and enhanced efficiency. As safety improves, businesses flourish, and trade becomes more reliable. The significance of this conference theme goes beyond immediate concerns of crime reduction. A safe maritime environment has far-reaching implications for trade, especially intra-African trade, which holds enormous potential for regional economic integration and growth. By ensuring the safety of our waters, we open new shipping routes, strengthen logistics networks, and expand the flow of goods across the continent. This, in turn, promotes trade facilitation, increases cargo throughput, and elevates Africa’s competitiveness in the global maritime space.”
In a similar spirit, Mrs. Tosan Edodo-Emore, Convener of the Lagos International Maritime Week, stated that safety is essential to the realization of Africa’s blue economy and that the adoption of digitalization, alternative fuels, and new technologies has had a big impact on shipping globally.
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