Fubara Warns Nigeria Risks Losing Blue Economy to Foreign Interests

Rivers State Governor, Siminalayi Fubara, has warned that foreign interests will continue to dominate Nigeria’s blue economy unless indigenous investors urgently move to harness the sector’s vast economic potential.

The governor issued the warning on Thursday at the Annual General Meeting and Conference of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in Port Harcourt, where he urged the organised private sector to take the lead in developing the country’s marine resources.

Represented by his deputy, Prof. Ngozi Odu, Fubara said the blue economy possesses enormous wealth-creation potential capable of generating revenue beyond the country’s oil and gas sector if properly exploited.

He, however, expressed concern that the absence of strong local private sector participation has created opportunities for foreign operators to exploit Nigeria’s territorial waters with little economic benefit to the country.

“It is important to say that nature does not allow vacuum. If we do not capitalize on and utilise our blue economy, other nations will utilize it for us. So we must wake up and be the watchdogs and make sure that what is ours remains ours,” Fubara said.

The governor alleged that foreign fishing vessels routinely exploit Nigeria’s coastal resources without contributing to the nation’s economy.

“Trawlers come to our coast to scoop up seafood and go away. They don’t pay tax. They don’t pay anything. So if we keep our fingers down, then they will keep doing that,” he said.

Fubara stressed that unlocking the country’s blue economy would require deliberate collaboration between government and the organised private sector, pledging his administration’s commitment to providing an enabling environment for investment, enterprise development and job creation.

“Our administration remains committed to creating an enabling environment for private sector participation, investment promotion, job creation and sustainable development. We believe that government and the private sector must work together to unlock the vast economic potential of our state and our nation, as no nation achieves its full potential without the intentional involvement of the organised private sector,” he added.

The governor spoke at the conference themed, “Gulf of Guinea and the Blue Economy: Pathways to Trade, Investment and Security Towards a $1 Trillion Economy,” describing it as timely given the growing importance of the maritime sector to Nigeria’s economic diversification efforts.