Joyce Mmereole Okoli
The Secretary-General of the Memorandum of Understanding on Port State Control for West and Central African Region (Abuja MoU), Capt. Sunday Umoren, has called on maritime investors across Africa to foster collaboration and form strategic partnerships to unlock the full potential of the blue economy.
Capt. Umoren made the remarks at the 4th symposium and workshop of the African Marine Environment Sustainability Initiative (AFMESI) held in Lagos on Tuesday.
In his presentation titled *”Collaboration and Partnership in Driving Blue Economy,”* Capt. Umoren emphasized that the capital-intensive nature of maritime businesses requires stakeholders to explore joint ventures and partnerships.
He noted that these collaborations are essential for reducing transaction costs, enhancing specialization, and improving profitability within the sector.
“Maritime investments require huge capital. To run a profitable business, investors must be open to various forms of healthy collaboration, such as partnerships and joint ventures,” Umoren stated.
He stressed that partnerships in the maritime industry should be guided by international best practices and equitable legal frameworks that cover ownership, employment, and fund repatriation.
The Secretary-General also highlighted the importance of strong regulatory frameworks, including the review of the Merchant Shipping Act and the development of maritime clusters to enhance the sector’s overall growth.
According to Umoren, sustainable maritime operations are critical to harnessing the full economic potential of Africa’s oceans, but this can only be achieved through responsible practices and strict enforcement measures.
“Exploitation and exploration of the oceans have the potential to significantly impact national revenues and GDP. However, the sector faces major challenges, including over-exploitation, plastic pollution, and ocean acidification, which contravene the United Nations Sustainable Development Goals (SDGs),” he warned.
Umoren further called for an end to the “silo mentality” within the sector, advocating for a collective approach to driving business growth and safeguarding marine ecosystems.
He underscored the importance of aligning maritime activities with SDG 14, which focuses on sustainable ocean use and preservation under the Blue Economy initiative.
The Abuja MoU Secretary-General concluded by reiterating that collaboration and policy-driven enforcement are crucial to restoring sanity and sustainability in the maritime domain.