Blue economy hub tackles regulatory gaps, maritime insecurity

The organisers of the 4th Ehingbeti Blue Economy Hub have disclosed that the forum will address weak regulatory frameworks and maritime insecurity as major barriers to investment, coastal development and job creation in Nigeria’s blue economy.

The event, themed “Securing Nigeria’s Blue Economy: Need to Strengthen Regulatory and Maritime Framework for Sustainable Coastal Development,” is to be held next week in Lagos.

Speaking at a pre-event press briefing in Lagos, the convener of the programme, Olaitan Williams, said, “Nigeria could not fully harness the blue economy without deliberately integrating coastal communities into its development framework.”

Williams, who traced Ehingbeti to the indigenous coastal settlement that predates modern Lagos, said the area had historically demonstrated the maritime potential of its people.

Williams, who is also the Founder of the Ocean Ambassadors Foundation, said the benefits of the blue economy would remain limited unless coastal communities, which constitute the foundation of many maritime activities, are included in policy and investment decisions.

“Insufficient security would discourage investors and make banks reluctant to finance inland waterways and coastal projects,” Williams said. She also criticised what she described as inadequate legal provisions for coastal community development.

Williams noted that the current blue economy policies appeared to place greater emphasis on formal economic activities than rural fisheries and indigenous maritime livelihoods.

She linked maritime insecurity partly to socio-economic conditions in coastal communities, stressing that the same communities whose members may become involved in maritime crimes are often the first responders during boat accidents and other emergencies on the waterways.

“The low-hanging fruits of the blue economy are 100 per cent from the coast,” Williams said, stressing the need to convert the skills and indigenous knowledge of coastal residents into productive economic opportunities.

She said the forum would examine two critical chapters, “legal framework and security architecture, as part of efforts to develop a blueprint for Nigeria’s inland waterways and coastal communities.”

Williams also identified illegal, unreported and unregulated fishing as an area requiring stronger enforcement and legal backing. She argued that Nigeria must protect its fisheries and natural assets from exploitation by foreign operators.

She called for stronger partnerships among government, investors, financial institutions and insurers, saying effective regulation and security would improve investor confidence and unlock financing.

The 4th Ehingbeti Blue Economy Hub is expected to bring stakeholders together to develop practical recommendations for strengthening Nigeria’s maritime legal and security architecture while ensuring greater inclusion of coastal communities in the blue economy.

The forum will be chaired by the Chairman of the Governing Board of the National Inland Waterways Authority, Mukhtar Shagari, while the Minister of Marine and Blue Economy, Adegboyega Oyetola, will serve as Special Guest of Honour.