Blue economy: Nigeria must formulate policies that guarantee investment

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The Summit, which is a major maritime event in the year, was themed “Igniting the Blue Economy in Nigeria” so there were extensive stakeholder conversations around sustainability in our industry, creative ways to access funding and preservation of the ocean ecosystem as it is the environment for our trade

Staff Writer, Nigerian Tribune

December 1, 2022

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Nigeria - The Managing Director/CEO of Starzs Investments Company Limited, Iroghama Ogbeifun has said that for Nigeria to ignite the Blue Economy, she must formulate policies that favour growth and development, as well as formulate policies that guarantees investments by the private sector.

In a post monitored on her social media handles, Iroghama Ogbeifun called for firmness of political will to do what is right ethically and legally in accordance to the law.

According to the Starzs Chief Executive Officer, “Earlier this week, I attended the Nigeria International Maritime Summit 2022 on Monday and Tuesday. The Summit, which is a major maritime event in the year, was themed “Igniting the Blue Economy in Nigeria” so there were extensive stakeholder conversations around sustainability in our industry, creative ways to access funding and preservation of the ocean ecosystem as it is the environment for our trade.

“A significant highlight of the event was the presence of the Secretary General of the International Maritime Organisation (IMO) H.E Kitak Lim who gave the keynote address and reemphasised the need for the spotlight to be on the blue economy because the world needs a sustainable and efficient shipping industry to keep the wheels of the global trade in constant motion in a safe and sustainable manner. His participation at this event was significant because it reflected his support of and confidence in the activities of the Nigerian Maritime Safety and Administration under the leadership of the Director General, Dr Bashir Jamoh.

“Spending two days listening to various positions on how we ignite the blue economy in Nigeria made me realise that we have a lot of work to do in terms of policy formulations that favor growth; policy implementation that guarantee and secure investments made by the private sector; and firmness of political will to do what is right ethically and legally in accordance to the law. The Maritime private sector is willing to invest and maximise the most of the Blue Economy, particularly given the opportunities presented with the AfCTA.

“I had a proud daughter moment watching my father alongside other distinguished panelists, discuss Financing Maritime Assets – Ports and Shipyards. They brought to the fore the opportunities and challenges that exist in accessing funding for maritime projects in Nigeria. It is always an enlightening time listening to him as he speaks truth to power.”