My participation in the above having just ended, I'm grateful to the organisers, the moderator and my fellow panelist for the opportunity to express my views as a private sector participant.
Also great that we could do this (for me albeit virtually) at the Nigerian pavilion on Nigeria Day at COP29.
Noting that Nigeria's place at number 33 on the global list of ship owning nations, is a leading one for sub-saharan Africa (never mind Liberia's place by virtue of lending its name to a globally significant Flag of Convenience).
Given the constraints of time, and the limitations of our knowledge, the panel could only raise issues and emphasize salient points for further discussion.
I hope further discussions and engagements on the subject can focus on the following considerations:
1. Without a thriving maritime industry, tailored to promoting intra-African trade, sub-Saharan Africa will struggle to achieve economic prosperity.
2. The orientation of Africa's current fledgling maritime sector is towards increasing TEU throughput in selected African ports to the advantage of goverment tax revenue and international corporate margins; but to the disadvantage of local production, value-added exports and a holistic development of Africa's maritime transport value chain. Arguably, the current setup and orientation keeps Africa import dependant.
3. Existing national and regional policy statements and initiatives which are public-sector-centred and focused only on parochial national interests, port infrastructure, deep-sea or long-haul shipping, and the importation of shipping services have failed to develop a successful maritime industry for Africa.
4. The real opportunities and and advantages lie in intentionally and continentally delineating an African local market in maritime transport services involving incentive-based local private participation in coastal or short-sea shipping and related vessel ownership.
That local market must also include the following:
*Navigable inland waterways,
*Ports, harbours and landing cites located close to production centres of the region,
*Ship repair and maintenance facilities, *Alternative fuel jetties and bunkering points,
*Uniformity of regulation across the sub-region,
*An African P&I Club and Classification Society for vessels in Africa's domestic shipping,
*A green domestic or short-sea shipping fleet and maritime transport infrastructure for Africa.
5. Such an African domestic maritime transport market must and may only, in the first instance, be enthusiastically capitalised by African developmental and globally sourced green funds (patient and competitively priced capital).
To sufficiently derisk the market for private sector participation, African DFIs, governmental leadership and maritime entrepreneurs must work closely together to provide the required policy and regulatory framework, build foundational infrastructure beyond ports and provide the needed financial and commercial guarantees.
Join us today as we explore innovative ways to drive sustainability, equity, and growth in Africa’s maritime sector. Together, we can harness the potential of our oceans for a brighter future!
*Date*: November 19, 2024
*Time*: 11:00 AM
*Location*: Blue Zone, Nigerian Pavilion
#BlueEconomy #OceanOpportunities #SustainableAfrica
Thank you for joining us and sharing your insights.