• Sunday, June 02, 2024
businessday logo

BusinessDay

Nigeria seeks global collaboration to gain from $950bn GDP in Gulf of Guinea region

Global Maritime Security Conference

With mind set on maximising the opportunities in the $950 billion estimated Gross Domestic Product (GDP) available in the Gulf of Guinea region, President Muhammadu Buhari has solicited for regional and international collaboration that would help in tackling the scourge of piracy, sea robbery and other criminal activities on West African maritime domain.

The region, which controls about 70 percent of Africa’s oil production, estimated export value of $180.50 billion and $105.70 billion import value, was rated as hotspot for pirate attacks and sea robbery.

Speaking on Monday at the opening of the three-day Global Maritime Security Conference holding in Abuja with the theme ‘Managing and Securing Our Waters’, the president said the Federal Government would not relent in efforts to rid Nigerian waters of the piracy scourge.

Buhari, who was represented by Zubairu Dada, minister of State for Foreign Affairs, reiterated the need for joint effort in securing the Gulf of Guinea, which is vital and central to global trade in view of the fact that many critical trade routes connecting African continent to the rest of the world run through the region.

“The Gulf of Guinea encompasses diverse geographical, geological and rich cultural heritage with many of its states endowed with vast oil and gas deposits critical in addressing global energy demands,” he said.

As the African continent forges ahead with phase II of the negotiations for the creation of the African Continental Free Trade Area (AFCFTA), safety and security of sea transportation are critical to seamless trade and effective economic integration, Buhari said.

“Our approach, therefore, towards the realisation of maritime security in the region and other vital sea lanes is contingent on our collective effort and ability to put in place international, continental, regional and national frameworks and resources in cooperation with critical stakeholders,” he said.

He said the recently signed Suppression of Piracy and other Maritime Offences Act would provide the much-needed legal and institutional framework for Nigeria to ensure safe and secure shipping in Nigerian waters.

Rotimi Amaechi, minister of Transportation, who was represented by Gbemisola Saraki, minister of State for Transportation, said there is significant global concern on the rising spate of maritime insecurity and the perception that the Gulf of Guinea Region accounts for most of these cases.
“It is for this reason that Nigeria has decided to take the lead on behalf of the Gulf of Guinea states in convening this conference to examine the strategies and coordinated responses in place to address maritime insecurity,” he said.

Amaechi, who said there have been several endeavours to address the broad array of real and potential threats in the region over time, stated that the absence of legal frameworks within member states seems to be a significant challenge in the regional effort to stem the tide.

He said Nigeria has instituted an integrated maritime security architecture with a command and control centre for effective policing of the Nigerian waters.

“Our prosperity as nation-states today has an inextricable linkage to maritime security considering that over 90 percent of world international trade is by sea. Thus, striving to maintain safe, secure shipping in our seas and oceans is non-negotiable,” he said.

Ibok-Ete Ibas, a vice admiral Chief of Naval Staff, said Nigeria has established security stations at strategic locations along the coast as part of a ‘Choke Point Concept’ to checkmate illicit activities.

This, he said, has paid off with the arrest of 206 vessels and barges as well as hundreds of suspects for various maritime offences in the last four years.

“To enhance maritime law administration, the Navy in conjunction with maritime law enforcement agencies has also articulated a harmonised procedure to enhance the synergy among stakeholders in the arrest and prosecution of maritime offenders,” he said.