Harboursandport.com: Ogbomoso - Dr. Taiwo Afolabi, Chairman, SIFAX Group, has identified coastal tourism and renewable energy generation as some of the potential areas of growth that Nigeria needs to take advantage of in developing its blue economy.
LAUTECH Convocation Lecture 4: L-R: Professor Rasak Rom Kalilu, Acting Vice Chancellor, LAUTECH presenting a portrait to Bode Ojeniyi, Group Managing Director, Sky Capital, the financial subsidiary of SIFAX Group and representative of guest lecturer, Dr. Taiwo Afolabi, Chairman, SIFAX Group during the 16th LAUTECH Convocation lecture held at the University premises where Dr. Taiwo Afolabi, Chairman, SIFAX Group was guest lecturer.
Afolabi, while 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”, noted that the country has many untapped opportunities
in the maritime sector.
He said 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.
He said: “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.”
Afolabi further noted that the country can
learn from the experience of Phillipines which has deployed more seafarers in
the global shipping business than any other country. He said the country needs
to develop a robust maritime educational curriculum that takes into cognizance
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.
He identified some of the sustainable measures of using the country’s ocean
resources. These 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.
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